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L&T Technology Services Limited (LTTS) announces completion of Esencia acquisition
L&T Technology Services Limited (LTTS) (BSE: 540115) (NSE: LTTS), a leading global pure-play engineering services company, today announced the completion of the acquisition of Esencia
US-based Esencia Technologies to become subsidiary of LTTS
India: L&T Technology Services Limited (LTTS) (BSE: 540115) (NSE: LTTS), a leading global pure-play engineering services company, today 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 May 3, 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 . With LTTS & Esencia coming together, the VLSI / Embedded expertise of the combined team will help LTTS go after larger deals with a specific focus on embedded space.
“We are pleased to welcome Esencia into the LTTS family. The acquisition will act as one of our major growth levers and boost our portfolio of offerings in the embedded space. The synergies will also help in creation of new services in building advance silicon and embedded products in perceptual computing, wireless connectivity solutions, storage & networking and IoT solutions for customers worldwide,” said Dr Keshab Panda, CEO & Managing Director, L&T Technology Services.
“Esencia is delighted to be part of such a large engineering services family. The combined team will be making new innovations, build ASIC/SOC products and embedded system solutions for our customers and enhance our offerings to the biggest technology companies in the world,” said Mr. Pratap Reddy, CEO Esencia.
