Investing in next-gen 5G+IoT
L&T Technology Services Limited (LTTS) has executed a definitive agreement to acquire a 100% stake in Texas-based Orchestra Technology to strengthen its capabilities in network engineering and modernization.
“The acquisition of Orchestra will enhance our offerings in the areas of Network Engineering & Enterprise Mobility and provide us strategic access to Telecom service providers who are investing in next-generation digital systems for 5G and IoT networks,” LTTS CEO & Managing Director Dr. Keshab Panda said 17 July 2020.
“As customers redraw their business plans, we are working with them to improve operating efficiency, finetune sourcing and production plans, and prepare for faster go-to-market.
“Our newer set of offerings like Frugal Manufacturing, Telehealth solution and i-BEMS Shield are seeing good traction in the market.
“The large deal discussions we are having with customers are a notch higher in terms of criticality and adoption of new-age technologies, which we believe will pave the way for greater mind share and competitive differentiation”, said Dr. Panda while reporting financial results for Q1 FY21.
During the quarter, LTTS won nine multi-million-dollar deals across all major industry segments which includes one deal with TCV of US$30 million-plus and two deals with TCV of US$15 million-plus.
LTTS reported revenue of Rs.12,947 million, down 4% YoY, and a net profit of Rs.1,173 million, down 42% YoY.
At the end of the first quarter, the patents portfolio of LTTS stood at 525, out of which 385 are co-authored with its customers and the rest are filed by LTTS.
LTTS is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. Headquartered in India, it has over 16,600 employees spread across 17 global design centers, 28 global sales offices and 51 innovation labs as of 30 June 2020. #technology #investment #engineering #network #engineering #mobility #enterprise #Texas #SiliconValley /fiinews.com
