L&T Infotech completes acquisition of German IT firm

MUMBAI: Larsen & Toubro Infotech Ltd has completed the acquisition of 100 per cent shareholding of Nielsen+Partner Unternehmensberater GmbH, Hamburg, Germany (‘N+P’), along with its identified subsidiaries, through Larsen & Toubro lnfotech GmbH, its wholly owned subsidiary in Germany.

The subsidiaries include NIELSEN+PARTNER Untemehmensberater AG, Switzerland, NIELSEN+PARTNER Pte. Ltd, Singapore, NIELSEN+PARTNER S.A., Luxembourg, NIELSEN&PARTNER Pty Ltd, Australia and NIELSEN&PARTNER Co., Ltd, Thailand and Branch office in Belgium.

It was around three weeks ago, L&T Infotech said it had agreed to acquire the German IT consulting and software services company for and enterprise value of about $31.5 million (around 28 million pound) in cash.

“The acquisition will strengthen the company’s capabilities in the banking and financial services software segment,” L&T Infotech had said in a stock-exchange filing on February 14.

This is the second acquisition by the information technology unit of engineering giant Larsen & Toubro Ltd during the past more than two months and the fourth since going public in 2016.

In January, L&T Infotech had agreed to acquire Ruletronics Systems for $7.48 million. Previously, L&T Infotech bought Luxembourg-based IT services firm Syncordis SA in 2017 and Pune-based data analytics startup AugmentIQ data Sciences Pvt Ltd  in October 2016, according to media reports.

Hamburg-based Nielsen+Partner has 98 employees and has a presence in major banking and wealth management hubs such as Switzerland, Singapore and Luxembourg. It also has offices in Belgium, Australia and Thailand.




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