Global technology consulting and digital solutions company Larsen & Toubro Infotech Ltd. (BSE: 540005) (NSE: LTI) has signed a definitive agreement to acquire Cuelogic Technologies for US$8.4 million.

Founded in 2010, and headquartered in Pune, India, Cuelogic has built capabilities in digital engineering, and primarily focuses on developing cloud native web and mobile applications, modernisation, and runs an Innovation Lab as a service for its clients in the USA and India.

Digital engineering is a significant market opportunity, and this acquisition will provide instant access to a fast-growing business with a large client base, and more than 300 employees.

Cuelogic works with enterprise clients on multiple facets of digitalisation such as UX Consulting, DevOps, AI consulting, IoT, applications modernisation, cloud architecture and integration.

With over 100 products successfully developed, Cuelogic helps global enterprises build and grow modern digital businesses.

Sanjay Jalona, CEO and managing director of Indian conglomerate LTI which has today a market cap of INR715.33 billion (around US$9.64 billion), said: “We believe rapid productisation is an essential requirement for accelerated digitalization across industries.

“Our clients are looking for agile solutions to compete effectively in a changing world. Digital engineering capabilities of Cuelogic Technologies combined with their tools and methodologies will help our clients innovate, launch products, accelerate time-to-market, and maintain products optimally. I welcome Cuelogic team, their customers, and partners to LTI family.”

Nikhil Ambekar, CEO of Cuelogic Technologies, said: “When Vikrant, Neel, and I cofounded Cuelogic, our goal was to bring rapid and reliable product development services to enterprises, and help them scale their digital transformation. Our digital expertise and unique culture have helped us build a solid foundation.

“As a company obsessed with engineering excellence, we find LTI to be our ideal partner for the next phase of our journey. LTI is the growth leader in the industry, and we are excited to further add strength to its formidable Digital capabilities.”

Cuelogic will be integrated with the digital practice of LTI. This is the seventh acquisition by LTI since the company got listed in 2016.

Earlier acquisitions have bolstered company’s expertise around data and analytics, cloud consulting, intelligent automation, and industry-specific platforms.