 "L&T Infotech announces the acquisition of Pune-based start-up AugmentIQ")
Larsen & Toubro Infotech (LTI) on Thursday said it has completed acquisition of Cuelogic Technologies, a digital engineering and outsourced product development company.
In June this year, LTI said it will acquire Cuelogic Technologies for USD 8.4 million (about Rs 61.6 crore).
The company completed the acquisition of 100 per cent shareholding of Cuelogic on July 7, 2021. Consequently, Cuelogic is now a wholly owned subsidiary of the company and Cuelogic Technologies Inc., US, is now a wholly owned step-down subsidiary of the company, LTI said in a regulatory filing.
Cuelogic, which is the seventh acquisition by LTI since the company got listed in 2016, will be integrated with the digital practice of Larsen and Toubro Infotech, the company had earlier said in a statement.
Pune-headquartered Cuelogic, which was founded in 2010, primarily focuses on developing cloud native web and mobile applications, modernisation, and runs Innovation Lab as a service for its clients in the US and India.
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