LTI signs definitive agreement to acquire German IT consulting firm N+P
Larsen & Toubro Infotech (LTI), the IT services arm of engineering and construction conglomerate Larsen & Toubro (L&T) Ltd., on Thursday said it had signed a definitive agreement to acquire Germany-based IT consulting firm Nielsen+Partner for an undisclosed amount. N+P specialises in Temenos WealthSuite, an integrated software solution for wealth managers.
Aimed at enriching the company's offerings for its banking clients, this acquisition is in line with LTI's acquisition of Syncordis in 2017. Syncordis is a leading Temenos T24 Core Banking Platform specialist with widespread presence in Europe, whereas N+P has built expertise in the front office of Temenos WealthSuite. N+P is a leading partner of Temenos in Europe and the Asia Pacific region.
Geneva, Switzerland-headquartered Temenos is a leading provider of banking software. Upon integration, N+P's Temenos business will be consolidated under the brand of Syncordis, while the software engineering business will operate and expand as part of LTI Germany, LTI said.
"The acquisition of N+P will help us further establish LTI as a formidable player in the fast-growing market for Temenos and help our clients navigate their digital transformation journey. I welcome the employees and clients of N+P to LTI family," Sanjay Jalona, Chief Executive Officer and Managing Director, LTI, said in a statement.
(With inputs from agencies.)
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