New Delhi, May 22 -- Mumbai-based technology services company LTM Ltd, which was formed after the merger of L&T Infotech and Mindtree in 2022, has offered to acquire the technology and consulting services business of staffing firm Randstad in parts of Europe and Australia in a deal valued at up to €160 million (around Rs 1,786 crore).
The acquisition will be carried out through LTM's wholly owned subsidiary, LTIMindtree UK Ltd, and includes Randstad's technology services entities in France, the Netherlands and Australia, along with their subsidiaries in Belgium, Luxembourg, Portugal, Romania and Germany, the Indian company said in a statement.
The proposed acquisition covers a business with annual revenue of about €469 million and operations across sectors such as aerospace and defence, automotive, utilities and banking and financial services.
LTM, earlier known as LTIMindtree, said the deal will strengthen its AI-led technology services portfolio and expand its regional delivery capabilities through engineering, cybersecurity and IoT expertise across Europe and Australia.
The company added that the transaction is part of a broader partnership with Randstad that also includes a five-year IT services agreement for Randstad's India global capability centre and a talent management partnership.
"The proposed agreement is aligned with our five-year strategy to build a more resilient, diversified, balanced portfolio," said Venu Lambu, chief executive officer and managing director of LTM. "By combining our global AI-centric capabilities with local context and industry depth, this acquisition would strengthen our ability to deliver compliant, domain-driven AI services and sovereign solutions in markets that are strategically important to us."
Randstad CEO Sander van 't Noordende said the deal would help the company streamline its portfolio while continuing to support clients through the partnership with LTM.
The acquisition remains subject to regulatory approvals, including foreign direct investment and antitrust clearances, and is expected to close by the third quarter of FY27.
The proposed acquisition adds to LTM's broader inorganic growth strategy over the years. The company had earlier acquired Luxembourg-based core banking technology company Syncordis, German IT consulting firm Nielsen+Partner, cloud consulting startup Powerupcloud, and digital engineering company Cuelogic Technologies to strengthen capabilities across banking, cloud, AI and engineering services.
Published by HT Digital Content Services with permission from VC Circle.