- By Vaamanaa Sethi
- Tue, 18 Jul 2023 04:54 PM (IST)
- Source:JND
Digital engineering services company L&T Technology Services Ltd announced that it has bagged a $50 million contract with a global technology company, to enable new opportunities for digital media platforms.
L&T Technology Services is a listed subsidiary of Larsen & Toubro Limited focused on engineering and R&D (ER&D) services. It offers consultancy, design, development and testing services across the product and process development life cycle.
The latest agreement carries a 5-year tenure and is tailored to significantly enhance the flagship suite of products including the customer’s cloud native portfolio and drive new levels of automation and optimization for customer experience functions.
“We are delighted to announce this key deal win and will be leveraging our multi-vertical expertise, combined with advanced machine learning techniques and deep learning networks developed with over a decade’s experience across linear and other platforms. Our team will integrate and deploy the customer’s next gen suite of offerings and help them create personalized and immersive experiences for end customers across the globe,” said Amit Chadha, CEO and Managing Director, L&T Technology Services.
The company will also be streamlining the workflow processes and reducing the product development cycle. A key tenet of this collaboration is to leverage LTTS’ cutting-edge innovations in machine learning and artificial intelligence while enabling collaboration on a range of new next-generation experiences.
The tech company also announced its results for the first quarter ended June 30, 2023. It reported a 15% year-on-year (YoY) growth in revenue to Rs ₹23,014 million. It also recorded a growth of 10% YoY in revenue in constant currency at $280 million.
Also read: Reliance Industries Likely To Pay Dividend To Its Investors Nearly After A Year
The company further claimed that it also won five deals with TCV of more than $10 million each. “We had a quarter of strong deal wins across all five segments, the highlight being a $50M plus deal in Telecom and Hitech. Our customers continue to spend on transformational technologies and seek ER&D partners who can deliver innovation, speed-to-market and cost synergies,” Chadha said.
He further said, “ With the addition of Smart World and Communication, we are now better positioned to play in the next generation communications space. The early wins and critical partnerships with telecom service providers, equipment manufacturers and cyber security providers will create a robust
foundation for our future growth. Our investments into emerging technology areas like AI, Software Defined Vehicle (SDV) and cybersecurity continue to help us engage with customers on ways to prioritize strategic spends and increase market agility”
