<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=L%26T+Technology+" target="_blank" rel="noopener noreferrer">L&amp;T Technology Services Ltd</a> will acquire US-based Esencia Technologies Inc, a design services provider, for $27 million in an all-cash deal.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=L%26T+Technology+" target="_blank" rel="noopener noreferrer">L&amp;T Technology Services Ltd</a> will acquire US-based Esencia Technologies Inc, a design services provider, for $27 million in an all-cash deal.
The deal is expected to close by the end of this month.
According to a BSE disclosure, L&amp;T Technology will pay the total amount in three tranches, including an upfront payment of $9 million, $6 million after a year and the remaining $12 million will be paid over four years based on performance against revenue and PAT targets.
The acquisition will strengthen company&#8217;s footprint in ASIC/VLSI and embedded design services.
California-based Esencia Technologies provides design services from specification to final product in semiconductor space. The company was founded in 2006 by Alpesh Oza, Balaji Tadepalli, Miguel Guerrero and Ravi Satrawada.
In the calendar year 2016, Esencia had revenues of $18.2 million, up 61.06 per cent from 2015.
L&amp;T Technology&#8217;s scrip was trading at Rs 784.75 each, up 0.42 per cent on BSE in a weak Mumbai market on Friday at 10.30 AM.
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The deal is expected to close by the end of this month.

L&T Technology to acquire US-based Esencia for $27m

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L&T Technology to acquire US-based Esencia for $27m

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