L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a leading global pure-play Engineering Research and Development (ER&D) services provider. The Company delivers consultancy, design, development, and testing services across the product and process development life cycle. LTTS' services and solutions include software and digital engineering, embedded systems, engineering analytics, and plant engineering. Headquartered in India, LTTS has over 22,200 employees spread across 25 global sales offices and 99 innovation labs in India as of March 31, 2023. Its customer base includes 69 Fortune 500 companies and 53 of the world's top ER&D companies across Transportation, Telecom & Hi-Tech, Plant Engineering, Industrial Products, and Medical Devices. Its engineers and technologists collaborate with leading global firms to drive smart solutions and services for new product development, facilitate remote asset management, and enable virtual product design and prototyping. L&T Technology Services Limited was incorporated as L&T Technology and Engineering Services Company Limited on June 14, 2012 at Mumbai as a public limited company. The Company received the certificate of commencement of business on June 20, 2012. Subsequently, the name of the company was changed to L&T Technology Services Limited pursuant to a special resolution passed by Shareholders at the EGM held on July 19, 2012. As the engineering services business of the Company is sub-set of technology services, the name of the Company was changed to L&T Technology Services Limited to more appropriately describe its business in line with the company's main objects. In 2014, L&T Technology Services acquired the product engineering services (PES) business (except the unit in Germany) from Larsen & Toubro Infotech Limited.In 2015, L&T Technology Services acquired the unit of PES business in Germany from L&T Infotech GmbH. During the year, the company acquired the integrated engineering services (IES) business from L&T. Also during the year, the company acquired 74% stake in Thales Software India Private Limited (TSIPL). The company also acquired the engineering services division of Dell, India during the year. It also acquired the engineering services division of Dell, USA through its wholly owned subsidiary, LTTS LLC. In September 2016, L&T Technology Services was listed on the bourses after promoter L&T sold 1.04 crore shares of the company through an initial public offer during the period from 12 to 15 September 2016 via book building. On 6 October 2016, L&T Technology Services announced a Digital Engineering Transformation partnership with Microsoft Corporation to deliver Microsoft Azure Engineering Solutions for global enterprises across industries. This strategic partnership between the two companies enables enterprises around the world to leverage L&T Technology's cutting-edge IP-led Digital Engineering solutions hosted on Microsoft's Azure enterprise cloud-first, mobile-first infrastructure. On 19 October 2016, L&T Technology Services announced that it has secured a new multi-year, multi-million dollar contract from a large global semi-conductor company to provide verification support on their expansive portfolio of offerings and products. This strategic tie-up between the two companies will enable the customer to strengthen its product offering and capitalize on market opportunities with superior quality products. On 23 March 2017, L&T Technology Services inaugurated its new Center of Excellence dedicated for a leading German Original Equipment Manufacturer (OEM) in Munich Germany, its fourth delivery center for the customer following R&D hubs in Mumbai, Bangalore and Mysore in India. On 24 April 2017, L&T Technology Services Limited (LTTS) announced the development of Smart City & Campus solutions that will be used to develop a smart office campus in Israel for a leading technology company - a result of its expanded partnership with Microsoft. The multi-year project was awarded shortly after LTTS and Microsoft expanded their existing partnership for Smart City, Campus & Building (SCCB) solutions based on Microsoft Azure. On 1 June 2017, L&T Technology Services (LTTS) announced the completion of the acquisition of Esencia Technologies, a provider of design services from specification to final product in Digital Signal Processing for Communications, Video, Security and Networking. San Jose- based Esencia will become a subsidiary of LTTS. On 3 May 2017, LTTS had signed a definitive agreement to acquire Esencia to deepen its offerings to global customers in the realm of Wireless Connectivity Solutions, Perceptual Computing, Internet of Things and Advanced Silicon Products. Esencia's existing team of over 100 Embedded, ASIC design and semiconductor experts in Silicon Valley will become part of the LTTS family. The Esencia acquisition brings huge cross leverage potential adding synergistic business to LTTS, enabling the company to offer high end VLSI and ASIC services to its global customers across hi-tech and semiconductor industries. On 21September 2017, L&T Technology Services (LTTS) announced its collaboration with Wind River, an Intel company and world leader in delivering software for the Internet of Things (IoTs).The two companies will work together to investigate, validate and optimize LTTS technologies with Wind River software platforms to discover compelling joint value propositions for shared customers in areas such as IoT, cloud computing, and network functions virtualization (NFV) in markets ranging from aerospace and defense and automotive to industrial, medical, and networking. On 25 September 2017, L&T Technology Services Limited announced the formal establishment of an engineering solutions delivery center in Chennai, India that is focused on supporting a key customer. The center strengthens collaboration with Vestas, the world leader in the development, manufacturing, sale and maintenance of wind power plants. L&T Technology Services has been associated with Vestas for over a decade as a strategic engineering partner. On 14 November 2017, L&T Technology Services Limited announced the establishment of its Center of Excellence (CoE) in Jerusalem, Israel, thereby marking another key milestone in the firm's global presence. The CoE will be dedicated to developing and delivering end-to-end ASIC solutions; hardware and software based security solutions as well as next generation video solutions for global customers in the following market segments- Media, Entertainment, Telecom, Automotive and IIoT. In addition to the CoE in Jerusalem, LTTS has launched a sales office in Tel-Aviv that will be expanding the company's business in Israel and offer the full scope of engineering services in the areas of Telecom, Semiconductors, Medical Devices, Automotive, IoT and Plant Engineering. On 18 January 2018, L&T Technology Services Limited announced that it has won a landmark project worth $50 million spanning over five years from a leading aerospace electronic systems manufacturer. The transformational deal significantly extends the engagement between the companies. On 22 March 2018, L&T Technology Services Limited announced that Germany's Covestro, a world-leading manufacturer of high-tech polymer materials, has selected the company as one of its major engineering services partners to implement digitalization based Engineering Programs across Covestro's global locations. L&T Technology Services has been awarded a multi-million dollar contract by Covestro to execute these engineering transformational programs. On 9 April 2018, L&T Technology Services Limited (LTTS) announced that it has won a contract worth more than $20 million in the first year from ExxonMobil Exploration Company. LTTS will work in collaboration with group company Larsen & Toubro Infotech (LTI) on this engagement. During the year 2019, the Company acquired Bengaluru based Graphene Semiconductor Services Private Limited along with its three overseas subsidiaries and one Indian subsidiary Company. Further, the company acquired 1364601 shares of Rs10 each from Graphene Semiconductor Services Private Limited along with its subsidiaries Graphene Solutions Pte Ltd (Singapore), Graphene Solution SDN. BHD (Malaysia), Graphene Solutions Taiwan Limited (Taiwan) and Seastar Labs Private Limited (India). Post the said acquisition; the Company has three subsidiaries namely L&T Technology Services LLC, L&T Thales Technology Services Private Limited and Graphene Semiconductor Services Private Limited. Further the Company also has following step down subsidiaries namely Esencia Technologies Inc., Esencia Technologies India Private Limited, Graphene Solutions PTE Ltd (Singapore), Graphene Solution SDN. BHD (Malaysia), Graphene Solutions Taiwan Limited (Taiwan) and Seastar Labs Private Limited. During the year 2019-20, Promoter and Holding Company - Larsen & Toubro Limited (L&T) sold 40,63,632 equity shares, reducing its stake by 4.26% to achieve minimum public shareholding requirement of 25%. It thus achieved the minimum public shareholding requirement on June 26, 2019, wherein L&T's holding was reduced to 74.99%. The Company incorporated a wholly owned subsidiary in China named L&T Technology Services (Shanghai) Co. Limited. It formed an overseas company named L&T Technology Services (Canada) Limited through its wholly owned subsidiary, L&T Technology Services LLC, which holds 100% shares in the said Canadian entity. It acquired shares of Esencia Technologies India Pvt Limited (India) from Esencia Technologies Inc. and business of Graphene Solutions PTE. Ltd (Singapore), Graphene Solution SDN. BHD (Malaysia), Graphene Solutions Taiwan limited (Taiwan) and Seastar Labs Private Limited (India) from Graphene Semiconductor Services Private Limited. During the year 2020-21, the Company acquired Orchestra Technology Inc. incorporated in Texas, USA through its wholly owned subsidiary, L&T Technology Services LLC. During the year 2021-22, Esencia Technologies Inc., a wholly owned subsidiary of L&T Technology Services LLC (LTTS LLC), was merged with LTTS LLC with effect from October 1, 2021. During the year 2022-23, the name of Graphene Solutions PTE Ltd. was changed to L&T Technology Services PTE Ltd., with effect from May 20, 2022. In January 2023, the Company made a transaction by acquiring the Smart World & Communication (SWC) Business of Larsen & Toubro Limited as going concern on a slump sale basis, which completed effective on April 1, 2023. During 2023, the Company expanded its global footprint with the launch of a new engineering research & development (ER&D) center in Toronto, Canada, two new design and prototyping centers in Peoria, USA, and a center of excellence in Pune, India. It inaugurated its Engineering Design Centre (EDC) in Toulouse, France, to cater to the new age digital requirements of the global aerospace and defense sectors. Read More