L&T Technology Services

L&T Technology Services (LTTS) was founded in 2006 as L&T Integrated Engineering Services. In its first year, the company generated $70 million in revenue. Initially, it only operated as the engineering arm of Larsen & Toubro and in 2013, as a result of L&T's strategy, the parent company was split into "nine verticals and six subsidiaries", of which this was one.{{Cite news|url=http://www.thehindubusinessline.com/companies/lt-to-focus-on-engineering-services-with-new-entity/article5049383.ece|title=L&T to focus on engineering services with new entity|last=Shaker|first=S|date=2013-08-22|work=The Hindu Business Line|access-date=2017-09-26|language=en}}{{Cite news|url=http://www.fortuneindia.com/people/naiks-successor/100333|title=Naik's successor|last=Gupta|first=Ashish|date=2016-04-05|work=Fortune India|access-date=2017-09-26|language=en}} It began to expand its engineering services as a developer of corporate software under a new brand name L&T Technology Services (LTTS).

In September 2016, LTTS had its initial public offering in the National Stock Exchange, making it the second L&T subsidiary to go public.{{Cite news|url=http://economictimes.indiatimes.com/markets/stocks/news/lt-technology-ipo-subscribed-2-5-times/articleshow/54356710.cms|title=L&T Technology IPO subscribed 2.5 times|date=2016-09-16|work=The Economic Times|access-date=2017-09-26}}{{Cite news|url=http://economictimes.indiatimes.com/markets/stocks/news/lt-technology-lists-at-rs-920-up-7-over-issue-price/articleshow/54475804.cms|title=L&T Technology lists at Rs 920, up 7% over issue price|last=Mudgill|first=Amit|date=2016-09-23|work=The Economic Times|access-date=2017-09-26}} A. M. Naik, the current group chairman of the parent company, remained chairman of the subsidiary until his retirement in October 2017.{{Cite news|url=http://economictimes.indiatimes.com/news/company/corporate-trends/western-protectionism-fears-more-media-hype-than-actual-a-m-naik/articleshow/60197282.cms|title=Western protectionism fears more media hype than actual: A M Naik|last=PTI|date=2017-08-23|work=The Economic Times|access-date=2017-09-26}} Keshab Panda was named as the CEO and managing director and S.N.Subrahmanyan as vice chairman of the company.{{Cite news|url=http://businessworld.in/article/-What-I-Inherited-Is-Today-12-Of-L-T-The-Other-88-I-Have-Created-/20-09-2017-126603/|title='What I Inherited Is Today 12% Of L&T; The Other 88% I Have Created'|last=Alvares|first=Clifford|date=20 September 2017|work=BW Businessworld|access-date=2018-01-12|language=en}}{{Cite news|url=http://businessworld.in/article/L-T-The-Ambidextrous-Architect/20-09-2017-126609/|title=L&T: The Ambidextrous Architect|last=Alvares|first=Clifford|date=20 September 2017|work=BW Businessworld|access-date=2018-01-12|language=en}}

In 2016, LTTS developed a set of personal safety gear that is based on cloud-enabled technologies. The system includes a set of "helmets, gloves, jackets and shoes that have sensors capturing [the wearers] performance, and sending it to a centralized database on the cloud."{{Cite news|url=http://www.business-standard.com/article/companies/chatbots-and-more-how-indian-it-is-using-automation-to-service-customers-117051500037_1.html|title=Chatbots and more: How Indian IT is using automation to service customers|last=Pramanik|first=Ayan|date=2017-05-15|work=Business Standard India|access-date=2017-09-26}}

File:L&T Technology Services - Manyata Tech Park.jpg, Bangalore.]]

In March 2017, it opened a center of excellence in Munich, Germany.{{Cite news|url=http://economictimes.indiatimes.com/tech/ites/lt-technology-services-opens-center-in-munich/articleshow/57788452.cms|title=L&T Technology Services opens center in Munich|last=Sangani|first=Priyanka|date=2017-03-23|work=The Economic Times|access-date=2017-09-26}} In June 2017, LTTS completed the acquisition of the Esencia, a San Jose, California-based engineering firm involved in development of "wireless connectivity solutions, perceptual computing, Internet of Things and advanced silicon products" for $27 million.{{Cite news|url=http://economictimes.indiatimes.com/markets/stocks/earnings/lt-tech-q1-profit-falls-9-on-weak-margins/articleshow/59758297.cms|title=L&T Tech Q1 profit falls 9% on weak margins|last=Mandavia|first=Megha|date=2017-07-25|work=The Economic Times|access-date=2017-09-26}} In July, the company was upgraded to Group A of the Bombay Stock Exchange.{{Cite news|url=http://indiatoday.intoday.in/story/bse-to-add-48-companies-to-group-%60a-from-july-17/1/1002286.html|title=BSE to add 48 companies to Group 'A from July 17|last=PTI|date=2017-07-14|work=India Today|access-date=2017-09-26}}

In May 2022, the company opened an engineering, research and development (ER&D) centre in Krakow, Poland.{{Cite web |last=Sureban |first=Haripriya |date=2022-05-26 |title=L&T Technology Services opens Engineering R&D Centre in Poland |url=https://www.thehindubusinessline.com/info-tech/lt-technology-services-opens-engineering-rd-centre-in-poland/article65460660.ece |access-date=2022-07-31 |website=www.thehindubusinessline.com |language=en}} In June 2022, LTTS set up an engineering design centre in Toulouse, France.{{Cite web |last=Baruah |first=Ayushman |date=2022-06-28 |title=LTTS launches engineering design centre in France, to hire 100 |url=https://www.livemint.com/companies/news/ltts-launches-engineering-design-centre-in-france-to-hire-100-11656407915004.html |access-date=2022-07-23 |website=Mint |language=en}}

In January 2023, LTTS announced that it would acquire parent L&T's "Smart World & Communication" business segment, which has interests in communication networks, cybersecurity and smart spaces, for {{INR}}800 crore.{{cite news |title=Larsen & Toubro sells business division to subsidiary LTTS for Rs 800 crore |url=https://www.business-standard.com/article/companies/larsen-toubro-sells-business-division-to-subsidiary-ltts-for-rs-800-crore-123011201223_1.html |access-date=13 January 2023 |work=Business Standard |date=12 January 2023 |language=en}}

In April 2024, L&T Technology Services partnered with Forvia Forge at €45 million deal.{{cite web |title=L&T Technology Services and FORVIA Forge €45 Million Alliance to Accelerate Clean Mobility Engineering |url=https://www.brutimes.com/news/business/lt-technology-services-and-forvia-forge-eur45-million-alliance-to-accelerate-clean-mobility-engineering |website=Bru Times News |language=en}} In August 2024, LTTS signed a contract to resell the Thales Sentinel platform, a software monetization platform developed by French defence and aerospace company, Thales Group, to its customers.{{Cite news |date=21 August 2024 |title=Thales and L&T Technology Services Expand Collaboration to Provide Innovative Business Models to Customers |url=https://www.businesswire.com/news/home/20240821145825/en/Thales-and-LT-Technology-Services-Expand-Collaboration-to-Provide-Innovative-Business-Models-to-Customers |archive-url=http://web.archive.org/web/20241115131422/https://www.businesswire.com/news/home/20240821145825/en/Thales-and-LT-Technology-Services-Expand-Collaboration-to-Provide-Innovative-Business-Models-to-Customers/ |archive-date=15 November 2024 |access-date=27 March 2025 |work=Business Wire}} In November 2024, L&T Technology Services announced the acquisition of Intelliswift for $110 million.{{cite web|url=https://www.business-standard.com/companies/news/l-t-technology-services-acquires-us-based-intelliswift-for-110-million-124111101445_1.html |title=L&T Technology Services acquires US-based Intelliswift for $110 million |work=Business Standard |access-date=11 November 2024}}

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Category:Engineering companies of India

Category:Larsen & Toubro

Category:Indian companies established in 2013

Category:2013 establishments in Maharashtra

Category:Companies listed on the National Stock Exchange of India

Category:Companies listed on the Bombay Stock Exchange

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