Mindtree Acquires NxT Digital Business
IT consulting services company Mindtree is acquiring NxT Digital Business, a cloud-based Internet of Things (IoT) and artificial intelligence platform, for an undisclosed amount.
This is technology M&A deal number 288 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Both companies are owned by Larsen & Toubro (L&T Group). The NxT Digital Business was founded as a startup with broad digital capabilities within L&T. Mindtree will leverage NxT Digital Business’ data analytics capabilities in integrating sensors and telemetry data, the company said.
Mindtree Acquires NxT: Executive Insight
S.N. Subrahmanyan, chief executive officer & managing director, Larsen & Toubro Limited, commented:
“There is a huge opportunity ahead as global manufacturers and industrial companies are increasingly adopting Industry 4.0 focused smart solutions, systems, and processes, but are struggling to leverage data and analytics to drive efficiency and competitive advantage. NxT Digital Business experience, talent, expertise, and credentials, coupled with Mindtree’s global scale, technology leadership, and deep understanding of domain and delivery, are a powerful combination of focus and capabilities to meet clients’ requirements.”
Debashis Chatterjee, chief executive officer, Mindtree, said:
“Industrial and manufacturing companies are starting to adopt digital technologies across the value chain, but need a partner with expertise to strategically connect the dots and generate business value from their data. The acquisition will complement our significant strengths in reimagining consumer experience, positioning us as one of the leading partners for leveraging data and analytics to drive insights and deliver transformational services to our clients.”
Mindtree was founded in India in 1999. L&T Group acquired the company in March 2019. That deal created India’s sixth-largest IT services firm.
Mindtree in operates 24 countries around the world. In December 2017, Mindtree opened its first North American network operations center (NOC) in Scottsdale, Arizona.