Tech Mahindra Ltd., India's fifth largest software services exporter, has announced that it has signed an agreement to acquire US-based Lightbridge Communications Corporation (LCC) for $240 million.
LCC is a global network services leader. The transaction is expected to close by fourth quarter of Tech Mahindra's fiscal year 2015.
Headquartered in McLean, Virginia, LCC is one-of-the world's largest independent global providers of network engineering services to the telecommunications industry, with more than 5,000 employees in over 50 countries, said a statement by Tech Mahindra here Thursday.
With annual revenues of more than $400 million, LCC has built 350 networks and designed more than 350,000 cell sites for over 400 customers worldwide. The acquisition positions Tech Mahindra, a specialist in digital transformation, consulting and business re-engineering, as the pre-eminent partner for network services globally.
With this acquisition, Tech Mahindra will also be addressing a rapidly growing market opportunity as telecommunications companies and enterprises accelerate the network upgrade cycle.
"Tech Mahindra's deep software skills, in combination with LCC's world-class network engineering capabilities, will further differentiate Tech Mahindra's offerings to both our communications and enterprise customers," it said.
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"This partnership is another significant step towards the globalization of Tech Mahindra as we welcome a diverse workforce of over 5,000 network professionals across five continents and more than 50 countries. We expect network services to be a major growth engine for our organization," said Vineet Nayyar, executive vice chairman, Tech Mahindra.
CP Gurnani, MD and CEO, Tech Mahindra termed the acquisition as a defining moment for Tech Mahindra and the network services sector.