Larsen & Toubro Infotech (LTI), the IT services arm of engineering and construction conglomerate Larsen & Toubro (L&T) Ltd., has signed a definitive agreement to acquire Bengaluru-based Artificial Intelligence (AI) and advanced analytics firm Lymbyc for an enterprise value of Rs 38 crore.
With the acquisition, all of Lymbyc's employees, including the management team, will be part of LTI, the IT services arm of L&T said on Wednesday.
Lymbyc is the fifth acquisition by LTI since the company got listed in 2016.
The core of Lymbyc's capabilities is centred around a proprietary product, Leni, which solves for the entire spectrum of descriptive to predictive business insights, leveraging deep learning, Natural Language Processing, data visualisation and predictive analytics.
Leni is a virtual analyst that allows users to conversationally access information and insights.
With growing dependence on data, global enterprises need to be better at data discovery, agile analytics and the ability to process large datasets.
Lymbyc's expertise in these spheres will enhance LTI's Mosaic platform to provide differentiated analytics solutions in a Software as a Service (SaaS) model.
"We believe self-service capabilities for AI and advanced analytics will be the next wave of disruption in the marketplace, and Lymbyc brings this capability to our Mosaic platform," Sanjay Jalona, Chief Executive Officer & Managing Director, LTI, said in a statement.
"Leni by Lymbyc is an industry-agnostic platform that solves business users' need for experience, speed, and comprehension. I welcome Lymbyc's experienced management team and all its employees to the LTI family," Jalona said.
Founded in 2012, Lymbyc has customers in several countries in the world including the US and the UK, besides India and several countries in Africa.