L&T Infotech, a global IT service providing arm of Larsen & Toubro, has acquired a Pune-based analytics startup AugmentIQ Data Sciences. The company has not yet revealed the financial details regarding the acquisition deal.
The startup is offering IP-based, big data and analytics solutions that help enterprises derive business benefits from big data. With this acquisition, L&T Infotech will gain access to MAXIQ, the big data platform developed by AugmentIQ, which is currently servicing one of the world’s largest credit bureaus, large banks as well as regulatory agencies.
Also, the company’s proprietary identity resolution technology can be adopted to solve the emerging needs of regulatory authorities across all markets.
Commenting on the acquisition, Sanjay Jalona, CEO & Managing Director, LTI said,
AugmentIQ is a very synergistic acquisition for LTI. Our clients are seeking big data solutions that can be implemented quickly and scale as per their requirements. AugmentIQ offers a very versatile platform that can expand instantly and enable accelerated data monetisation. I am very happy to welcome AugmentIQ clients and employees to LTI family.
Sachin Vyas, Founder & CEO, AugmentIQ said,
During last four years, we have grown rapidly and are working with some major clients in India and globally. We are excited about joining forces with LTI and about the opportunity to partner with hundreds of new clients. The acquisition by LTI opens up a unique roadmap for our innovative offerings to grow and mature further.
AugmentIQ was founded in December 2012 by Sachin Vyas. The startup offers end-to-end big data solutions that enable businesses manage their information assets irrespective of their type, scale and source.
MAXIQ, a product from AugmentIQ has an end-to-end, self-service approach that enables business users to leverage big data technologies such as Hadoop & Spark easily.
While AugmentIQ has been acquired, other big data startups available in the market include Innovaccer, BRIDGEi2i, Qubole, among others. Innovaccer has recently raised $15.6 million in Series A round of funding.