Digital transformation and technology services company Mindtree is set to acquire NxT Digital Business, a cloud based IoT and AI platform, to help it better meet customer demand for analytical services with Industry 4.0 in mind.
NxT Digital Business was founded as a startup with broad digital capabilities within Larsen & Toubro (L&T), an Indian multinational technology company which Mindtree is also part of.
The acquisition was reportedly valued at Rs 198 crore (approximately £19 million) and is expected to be completed by July 31, 2021, as seen in a filing by Business Today.
The company hopes the acquisition will bring scale and market agility to meet the growing end-to-end digital transformation demands of its customers, and also help to facilitate the move to Industry 4.0.
Mindtree will use NxT Digital Business’ capabilities across several industry segments in integrating sensors and telemetry data with its advanced data analytics, including manufacturing and engineering, in a bid to create operational efficiencies and a differentiated customer experience, the company said.
“There is a huge opportunity ahead as global manufacturers and industrial companies are increasingly adopting Industry 4.0 focused smart solutions, systems, and processes, but are struggling to leverage data and analytics to drive efficiency and competitive advantage,” said S. N. Subrahmanyan, CEO & managing director at L&T.
“NxT Digital Business experience, talent, expertise and credentials, coupled with Mindtree’s global scale, technology leadership, and deep understanding of domain and delivery, are a powerful combination of focus and capabilities to meet clients’ requirements.”
In December, Mindtree teamed up with data and AI company Databricks to help customers implement cloud-based data platforms for self-service analytics, to enable users to analyse data, develop rapid reports and gain valuable insights without extensive IT support. Through the partnership, Mindtree said it will use Databricks’ unified solution to enable seamless implementation of self-service analytics to promote data-driven decision-making.
