Larsen & Toubro Infotech acquires Ruletronics for $7.48 million

NEW DELHI: Larsen & Toubro Infotech (LTI) Thursday said it has acquired Ruletronics for an enterprise value of USD 7.48 million (about Rs 53 crore).

Ruletronics enables businesses to transform and evolve digitally by providing innovative business process management and customer relationship management solutions leveraging 'Pega' Platform.

The enterprise value payable for the acquisition of 100 per cent share capital of Ruletronics is USD 7.48 million, including up-front consideration and earn-outs, LTI said in a BSE filing.

"The acquisition will strengthen the company's rapidly growing digital business with a suite of capabilities in Pega implementation in establishing BPM roadmap and strategy, customer services, RPA and decisioning," it added.

Ruletronics, whose current industry strength lies across insurance, banking, health care and retail segments, had reported revenue of USD 3.35 million in FY18.

The closing of the transaction - paid in cash - is expected to get completed within eight weeks.

The company offers product-based offerings for disability claims management, KYC bulk remediation, and insurance sales and service applications, LTI said.

This is LTI's third acquisition since the company went public in 2016. It had earlier acquired Pune-based AugmentIQ, an analytics start-up and Luxembourg-based Syncordis Consulting, a leading implementation partner of Temenos, in Europe.