L&T Infotech to buy Pune-based analytics startup for about Rs 7 crore

MUMBAI: L&T Infotech said it would buy Pune-based analytics startup Augment IQ to gain access to its big data platform that is currently used by credit bureaus, large banks as well as regulatory agencies.

The Mumbai-headquartered IT company said the acquisition was made at an enterprise value of Rs 7 crore on a ‘nil cash nil debt’ basis. It told the Bombay Stock Exchange that the startup had revenue of Rs 2.4 crore in FY16.

“Augment IQ is a very synergistic acquisition for LTI. Our clients are seeking big data solutions that can be implemented quickly and scale as per their requirements. AugmentIQ offers a very versatile platform that can expand instantly and enable accelerated data monetization,” Sanjay Jalona, CEO of L&T Infotech, said in a statement.

L&T Infotech intends to build on startup’s data analytics platform by integrating it into its own Mosaic Decision Science Platform.

The transaction is expected to close on November 30.