This acquisition will enable L&T Technology Services to strengthen its footprint in the telecom OEM and service provider space.
IT company L&T Technology Services signed a share purchase agreement to fully acquire Texas based Orchestra Technology for $25 million.
This acquisition will enable L&T Technology to strengthen its footprint in the telecom OEM and service provider space. Orchestra will help bolster L&T Technology investments as part of open network forums ONF and TIP across key elements of 5G like ORAN, private networks, narrow band IOT, the Mumbai based IT firm said in a filling with stock exchanges.
The acquisition will take place in two tranches. The IT firm will provide an upfront payment of $11 million, with the remaining $14 million will be paid in the form of earn-outs and retention pay over three years.
“Orchestra′s capability in enabling OEMs and service providers to manage and optimise network performance will form a key differentiator as 5G rollouts take off across geographies,” L&T Technology said in its filing.
L&T Technology said the deal is expected to close by the end of this year.