Mindtree announced that it has signed an agreement to acquire the NxT Digital Business, the cloud based IoT and AI platform for Industry 4.0 of L&T Group.
The transaction comprises of acquisition of NxT Digital Business of L&T. Total consideration of Rs 198 crore including earnouts, subject to adjustments as per the terms of Business Transfer Agreement.
NxT Digital Business was formally established in FY2018-19. It can provide solutions across industries such as Engineering & Construction, Manufacturing, Energy & Utilities and Transportation & Logistics. The NxT Digital Business revenue during FY 2020-21 was Rs 37.59 crore.
Nxt Digital Business belongs to the information technology industry. The acquisition would enable the company to capture opportunities in the IoT and Industry 4.0 market by leveraging NxT Digital Business capabilities to cross sell and create holistic solutions for new prospects as well as for existing clients.