Amit Chadha, CEO & Managing Director of L&T Technology Services. Image: Hemant Mishra for Forbes India
LTTS to acquire Intelliswift Software in $110 million deal
L&T Technology Services has signed a definitive agreement to acquire Intelliswift Software to strengthen its services in software product development, platform engineering, digital integration, data and AI, the Larsen & Toubro group company told the stock exchanges on November 11.
The deal, for all of Intelliswift including its operations in India and Silicon Valley, is valued at $110 million, according to LTTS’s exchange filing. Started in 2001, the US company also has operations in Hungary, Canada, Singapore and Costa Rica.
It had revenues of $96 million for calendar year 2023. Business information provider Apollo listed 1,200 employee contacts for the company. LTTS expects the acquisition to be complete by February.
Intelliswift services four of the Top five ‘Hyperscalers’ and caters to more than 25 Fortune 500 companies, including five of the top 10 engineering R&D spenders in software and technology, according an LTTS press release. With this acquisition, LTTS will also be able to address adjacent markets of retail and fintech, along with the private equity channel, according to the release.
Japan announces $65 billion plan to support domestic chip industry
Japanese Prime Minister Shigeru Ishiba on Monday announced a $65 billion plan to bolster the country’s semiconductor and AI sectors, aiming to invest 10 trillion yen ($65 billion) by 2030, Reuters reported on November 11.
The initiative will help companies such as chip foundry Rapidus, and AI chip suppliers, seeking to strengthen Japan’s chip supply chain amid global trade tensions, according to Reuters. The government expects an economic impact of around 160 trillion yen. The plan will be presented to parliament later this year and includes subsidies to support the mass production of next-gen chips, with Rapidus set to begin production in 2027.
While the funding strategy remains unclear, Ishiba emphasised no deficit-covering bonds would be issued. The plan is part of a broader economic package set for cabinet approval on November 22.
Zetwerk considering IPO option to raise $1 billion
Zetwerk Manufacturing Business is considering fundraising options including an initial public offer (IPO) of shares to raise as much as $1 billion, Bloomberg reported on November 11, citing sources familiar with the development.
The Bengaluru-based contract manufacturing startup, founded by four IIT graduates in 2018, offers an online platform for manufacturing services and trading, connecting businesses with the right suppliers in markets including India, the US, Mexico and the Middle East.
It provides services for sand casting, investment casting, fabrication, and so on covering sectors including apparel, aircraft engines, medical, and mining equipment.
Backed by investors including Peak XV Partners, Lightspeed Venture Partners, Greenoaks and Avenir Growth Capital, Zetwerk has thus far raised $698 million in funding and was valued at $2.8 billion in March this year, according to private markets intelligence provider Tracxn. The company posted revenue of Rs 11,596 crore for FY23, with a loss of about Rs 109 crore, according to Tracxn.
NetApp elevates Vasanthi Ramesh as managing director for India
NetApp, a data management and storage solutions company, has announced the elevation of Vasanthi Ramesh as managing director of for NetApp India, mandating her with a broader leadership role in the region. She will continue to be responsible for her work as NetApp vice president of engineering, unified manageability framework, according to a company press release on November 11.
Early in her 30-year career, Vasanthi was a senior scientific observer at the Indian Meteorological Department, according to her LinkedIn page. Before NetApp, which she joined about four years ago, she has worked at companies including BEA Systems, Flipkart and Zalando.
At NetApp, she will lead the company’s site operations, oversee company initiatives such as NetApp Excellerator and Academia Connect and expand partnerships with GCC platforms (global capability centres) platforms and Nasscom, India’s biggest tech lobby.
Vasanthi holds a degree in statistics from University of Hyderabad, and a master’s in computer science from the New Jersey Institute of Technology.
Indiana Jones and the Great Circle to launch next month
Indiana Jones and the Great Circle, set to launch on December 9, is shaping up to be a major gaming event, with developer MachineGames offering a 15-minute preview of the action-adventure title, The Verge reported on November 11.
The video showcases puzzle-solving in ancient ruins, whip-based combat, and dynamic exploration. Combat will feature hand-to-hand brawling and whip mechanics that allow players to pull enemies in a Mortal Kombat-style move. Additional features include an adventure journal and a vintage camera that aids in puzzles, according to The Verge.
The game, a key release for Xbox this year alongside titles such as Hellblade II and Starfield, will debut on Xbox and PC, with a PS5 release slated for spring (March–June) 2025 in the US. It will be available on Game Pass at launch.