 "L&T Infotech announces the acquisition of Pune-based start-up AugmentIQ")
IT services and solutions provider L&T Infotech today announced that it will acquire Pune based AugmentIQ Data Sciences, a start-up offering IP-based, big data and analytics solutions that allows enterprises derive business benefits from big data.
The financial details of the deals were not disclosed. As a result of this acquisition, L&T Infotech will gain access to MAXIQ, the big data platform developed by AugmentIQ, which is currently servicing one of the world's largest credit bureaus, large banks as well as regulatory agencies.
Also, the proprietary identity resolution technology from AugmentIQ is among the best in its class and can be adopted to solve the emerging needs of regulatory authorities across all markets.
"AugmentIQ 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," said Sanjay Jalona, CEO &Managing Director, L&T Infotech.
MAXIQ from AugmentIQ brings the power of automation and Do-it-Yourself (DIY) to big data. Its end-to-end, self-service approach enables business users to leverage big data technologies such as Hadoop & Spark. The proposed acquisition will enable L&T Infotech to build upon MAXIQ by integrating it within LTI's MOSAIC Decision Science platform.
Sachin Vyas, Founder & CEO, AugmentIQ said: "During last four years, we have grown rapidly and are working with some major clients in India and globally. We are excited about joining forces with LTI and about the opportunity to partner with hundreds of new clients. The acquisition by LTI opens up a unique roadmap for our innovative offerings to grow and mature further."