L&T Technology Services to buy Silicon Valley-based firm for Rs 180 cr

Company's net profit dips by 11.5 per cent

L&T Technology Services (LTTS), the engineering services arm of Larsen & Toubro, said it has signed an agreement to acquire US-based design services provider Esencia Technologies Inc.

The company will pay $27 million (nearly Rs 180 crore) to acquire the California-headquartered firm and $15 million ( Rs 100 crore) will be paid upfront. "The rest will be paid over a period of four years," said Keshab Panda, chief executive officer and managing director, LTTS.

LTTS aims to strengthen its offerings in areas such as perceptual computing, internet of things, advanced silicon products and wireless networking technologies with fast, powerful and smart design