L&T Infotech, the IT services arm of India’s engineering and construction conglomerate Larsen and Toubro, has reached a deal to acquire Germany-based core banking software vendor Nielsen Partner for US$31 million.
Hamburg-based Nielsen Partner has a workforce of barely 98 people, but it counts some of Europe’s most deep-pocketed bankers among its clients. It runs offices in Australia, Belgium, and Thailand, providing IT consulting, digital and software engineering services in addition to the banking software.
“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,” Sanjay Jalona, Chief Executive Officer and Managing Director, LTI, said in a statement.
The announcement comes nearly two years after the Indian firm acquired Syncordis, another European-based vendor of Temenos. L&T says Temenos has been ‘a fast-growing’ practice for it, helping to win new clients in major financial hubs across the world.
Once the deal is closed, L&T will fold the Temenos business into Syncordis while combining Nielsen Partner’s software services into its IT services units.
“In line with our strategic vision, Syncordis and N+P together with LTI will provide complete and innovative services to Temenos clients in the Banking and Wealth Management space, globally,” said Guillaume Desjonqueres, CEO, Syncordis.
This is the fourth acquisition by L&T Infotech since it was listed in Bombay Stock Exchange three years ago. L&T has a delivery center in Costa Rica.