L&T Technology Services Limited — Capital/Financing Update 2024

Nov 11, 2024

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L&T Technology Services Limited A.M. Naik Tower,6th Floor, L&T Campus, Gate No.3, Jogeshwari-Vikhroli Link Road, Powai, Mumbai-400072. www.ltts.com

November 11, 2024

National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex Bandra (East), Mumbai — 400 051. NSE Symbol: LTTS

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400001 BSE script Code: 540115

Dear Sir/Madam,

Subject: Press Release and Investor Release pertaining to the acquisition of Intelliswift

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are sending herewith copy of the Press Release and Investor Release w.r.t. acquisition of Intelliswift Software Inc. along with its subsidiaries.

Thanking You,

Yours sincerely,

For L&T Technology Services Limited

PRASAD Digitally signed by PRASAD VISHNU VISHNU SHANBHAG Date: 2024.11.11 SHANBHAG 17:12:14 +05'30'

Prasad Shanbhag Company Secretary & Compliance Officer (M. No. A 30254)

Encl: As above

Registered Office: L&T House, N. M. Marg, Ballard Estate, Mumbai - 400 001. INDIA CIN: L72900MH2012PLC232169 Tel: +91 22 6892 5257 Fax: +91 2267525858 L&T Technology Services is a subsidiary of Larsen & Toubro Limited

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L&T Technology Services deepens software product development, platform engineering & AI expertise

Signs definitive agreement to acquire California based Intelliswift Expands footprint in Hyperscalers and big tech spenders

Bangalore, India/ San Francisco, California, USA November 11, 2024: L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a global leader in engineering and technology services, announced it has signed a definitive agreement to acquire Silicon Valley-based Intelliswift, to deepen its offerings across software product development, platform engineering, Digital Integration, Data and AI.

Intelliswift services 4 of the Top 5 Hyperscalers and caters to over 25 Fortune 500 companies including 5 of the top 10 ER&D spenders in Software and Technology. With this acquisition, LTTS will also be able to address adjacent markets of Retail and Fintech, along with the Private Equity channel.

The acquisition will enhance LTTS' AI and software capabilities in the Digital Engineering suite for global clients, through:

• Industry leading software product development, data & platform engineering capabilities

• Intelliswift’s AI-led automation framework which provides end-to-end automation solutions across platforms and processes.

• Digital enterprise & Integration services through agile engineering and next generation technologies

"Software and AI are becoming essential for our clients seeking to bring new products and differentiated solutions for the consumer. The acquisition of Intelliswift strengthens our digital and software product engineering capabilities, expands strategic client partnerships with major technology spenders, boosts our presence in Silicon Valley, and advances us towards our USD 2 Billion medium-term goal. We warmly welcome the Intelliswift team to our LTTS family, to join us in our journey of ‘Purposeful. Agile. Innovation’ with inclusive growth,” said Amit Chadha, CEO and Managing Director, L&T Technology Services.

“Joining forces with a prominent Engineering & R&D services leader like LTTS is a strategic step forward for Intelliswift. Together, we aim to become the leading technology partner for major hyperscalers and companies worldwide that depend on us for business critical products and platforms, significantly enhancing our digital offerings. Our customers will benefit from innovative advancements throughout the software and digital platform lifecycle,” said Pat Patel, Founder and Executive Chairman, Intelliswift.

REGISTERED OFFICE: L&T House, N.M. Marg, Ballard Estate, Mumbai - 400 001 IN: L72900MH2012PLC232169

www.LTTS.com info@LTTS.com Copyright © L&T Technology Services

About L&T Technology Services Ltd

L&T Technology Services (LTTS) is a global leader in engineering and technology services. A listed subsidiary of Larsen & Toubro (L&T), we offer design, development, testing, and sustenance services across products and processes.

Purposeful. Agile. Innovation. is how we drive growth across the Mobility, Sustainability, and Tech segments. Our customer base includes 69 Fortune 500 companies and 57 top ER&D companies across industrial products, medical devices, transportation, telecom & hi-tech, and process industries. Headquartered in India, we have over 23,700 employees across 22 global design centers, 30 global sales offices, and 108 innovation labs, as of September 30, 2024.

For additional information about L&T Technology Services log on to www.LTTS.com.

Media Contact: Aniruddha Basu

L&T Technology Services Limited E: Aniruddha.Basu@LTTS.com T: +91-80-67675173

REGISTERED OFFICE: L&T House, N.M. Marg, Ballard Estate, Mumbai - 400 001 IN: L72900MH2012PLC232169 www.LTTS.com info@LTTS.com Copyright © L&T Technology Services

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Purposeful. Agile. Innovation.

Business Update: Acquisition

November 2024

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Disclaimer

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Transaction Overview

Transaction Summary	• Transaction consideration (subject to typical closing adjustments):$110 M which includes upfront, deferred consideration and retention bonus • Mode of acquisition:100% of the interests in Intelliswift, Inc and its subsidiaries • Closing:Expected to be achieved by start of Q4 FY25
About Intelliswift	• Revenue:$96 M (year ended 31 December 2023) • Headcount: ~ 1,500, primarily based in US & Costa Rica (~ 500) and India (~ 1,000) • Capabilities:Intelliswift delivers software product development, AI led automation solutions and digital enterprise & integration services to several blue-chip customers & Fortune 500 companies across Hi-Tech, Fintech, Retail along with Private Equity Channel • Hi-Tech contributes to 50%+ revenues of the company • Customers:Thecompany has 25+ Fortune 500 logos including 5 of the top 10 ER&D spenders in Software and Technology Companies; 4 of the Top 5 Hyperscalers
Strategic Rationale	• Scaled AI, software product and platform engineering capabilities:Strengthens LTTS' AI and software capabilities within the Digital Engineering suite • Deepening Hyperscaler relationships • Access to marquee logosin Retail, Fintech & Hi-Tech

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Intelliswift Plays in a Large and Expanding market

	Glbl ER&D Oi Si $ 78 B	Glbl ER&D Oi Si $ 78 B	Glbl ER&D Oi Si $ 78 B	Glbl ER&D Oi Si $ 78 B	Glbl ER&D Oi Si $ 78 B	Glbl ER&D Oi Si $ 78 B
	7% 9% 17% 25% 43% Software Product Engineering Embedded System Engineering Manufacturing Engineering Hardware & Mechanical Engineering Network Engineering 11-12% 7.5-8.5% 9.5-10.5% 11-12% 11-12% oa utsourcng ervces : n Platform Engineering Software Testing UI/UX Design Data Engineering Cloud Computing Sustenance & Support Legacy Modernization Outsourcing Intensity Low High Outsourcing split by Service lines Work Stream OUTSOURCING INTENSITY CAGR 2023-25E
				CAGR 2023-25E
	Software Product Engineer	ing	43%			11-12%
	Embedded System Enginee	ring	7% 9% 17% 25%
	Manufacturing Engineering
	Hardware & Mechanical Engineering
	Network Engineering
	Outsourced volume by Software & Internet companies ($22 - $24 B)
	Traditional Software :40-45% Tech Giants :25-30% Industry specific :15-20% *New-Age :5-10%*

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Sources: Everest & Zinnov

• Logos are illustrative

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About Intelliswift

Revenue $96 Mn CY 23 Revenue California, Headquarters USA Hi-Tech 50%+ Revenue 4 Of Top 5 Hyperscalers Client 25+ 5 Revenue Base Fortune 500 of Top 10 R&D ~1,500 Engineers NA: ~35% | India : ~65%

~~Competencies and Solutions~~

• Product Conceptualization & Comprehensive Software Product Roadmap Automation Development & • Product Development iCAF Framework Platform • Product Modernization • Engineering UX / UI Design 360-degree • Data Engineering & Analytics framework using • AI / ML iStride technical processes Data Engineering • Dashboarding & product strategy & AI • Applied AI & Analytics Tool to accelerate, • Next-Gen Service & Solutions iMAX automate API proxy • Low Code development code Digital • Cloud Services Enterprise • Mainframe Modernization • Enterprise Application Engg. Cloud Adoption iCAN Navigator • API management • Google Cloud Platform services Digital Integration • Microservices Data Science & KOIOS • Cybersecurity Analytics platform

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Capability Map: LTTS + Intelliswift

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Product Engineering
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Full stack Product development Embedded , Hardware, Firmware, Mechanical engineering, Maintenance & support, V&V

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Platform Engineering
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Industrial platform development

Including Sensorization to visualization, Cloud integration, QA and automation

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Data Engineering & AI
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Data engineering and analytics

Including GenAI, ML/DL model development & deployment

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Digital Integration
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Application modernization & integration Including App factory, cybersecurity, API integration and management

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Software Product Engineering Software Development, Modernizing Technologies, User Experience, AI & analytics.

Software Platform Development

Product-platform integration, QA and Automation, UI/UX design, DevSecOps, cutting-edge LCNC, RPA.

Data Engineering & AI services

Data innovation, modernizing Data Platforms, Virtualization, and pipelines, delivering seamless BI, AI Analytics, and visualization for comprehensive insights

Application Modernization & integration

Enabling connected digital experience through API management, iPaaS, Cloud Native Development, Business Process Management (BPM), and Microservices.

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Deal Rationale and Synergy Opportunities

High-growth Synergies Significant CrossTAM expansion 01 02 03 04 Potential Accounts sell opportunities • • • Strong partnership Leverage LTTS’ offshore For Intelliswift customer: Unlock significant TAM • with Fortune 500 and talent to accelerate Embedded Engineering| by offering end-to-end top Hyperscalers Intelliagent’s growth IoT | Device Engineering product and platform | Quality Assurance & engineering services • Long runway with Regulatory Affairs across the Hi-Tech, potential for high Retail, Fintech and growth trajectory • Unlock cost synergies For LTTS customer: Private Equity • as both companies Software Product & segments operate in the same Platform Engineering | geographies Data Engineering | AI & Analytics

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Case Study 1 - Enhancing Customer Engagement & Experience

Engineering seamless transition from legacy systems to a modern, cloud-based infrastructure for a major fintech

What was enabled

• Optimized Cloud Resource Usage : By leveraging AWS native components and containerization, efficient utilization of cloud resources was enabled.

• Streamlined Processes : The transformation of legacy processes into stream and batch processes facilitated better workflow management.

• Robust Deployment : Deploying applications in Docker containers within Kubernetes ensured high availability, scalability, and performance.

• Quality Assurance : Comprehensive adherence to quality gates such as code coverage, code quality, and CI/CD pipelines ensured robust and reliable deployments.

Value Delivered by Intelliswift

• Cloud resource usage optimization and enhanced Maintainability of the system augmented turnaround time to incorporate business changes.

• Reduced vendor lock-in enabled with open source, which resulted in substantial cost savings.

Enhanced overall performance by 30% 40% Reduction in Operational Costs

• Auto deployments reduced human intervention – making the processes more consistent and productive.

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Case Study 2 - Enabling Seamless Music Experiences

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Engineering a superior, unified music experience across multiple platforms for a leading music and media service provider

What was enabled

• Seamless Platform Integration: Integrated the customer’s music service with three prominent platforms providing users with a unified music experience.

• API Development and Implementation: Developed and implemented essential API features enabled customer’s solution to expand its service offerings and collaborate effectively with various partners, enhancing overall functionality and user. satisfaction.

Value Delivered by Intelliswift

• Intelliswift enabled the customer to provide users with a unified music experience thus making it a preferred end-customer solution in the connected product space.

• API features based implementation ensured smooth and efficient third-party integrations.

Enabled customer to broaden reach and enhancing user accessibility

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Case Study 3 - Elevating Data Accuracy and Governance

Engineering a Robust Data Architecture for a leading global biopharmaceutical company

What was enabled

• Holistic Data Architecture: Developed a comprehensive data architecture encompassing robust data models, workflows, seamless integrations, and APIs.

• Consistent Data Integration: Achieved a unified data view through the integration of diverse data sources, ensuring data consistency across systems.

• ETL Pipelines and Dashboards : Constructed new ETL pipelines and analytics dashboards to streamline data processing and visualization.

• Robust Data Models: Developed robust data models that facilitated seamless integration and workflow management.

• User-Friendly Interface : Redesigned the user interface to be intuitive and userfriendly, improving user experience and engagement.

Value Delivered by Intelliswift

• Built a single customer data pipeline for the company that includes a single source of truth for doctors and hospitals.

• Increased user adoption of MDM - more than 200 teams, initiatives, and programs use the MDM as their primary source of customer data, within the organization.

Boosts Data Completeness by 98%

• Master Data Management has become one of the key strategies the executive team uses to manage the business.

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Case Study 4 - Redefining E-Commerce payment

Engineering state-of-art Identity & Payment solutions for a leading fintech software solution provider

What was enabled

• Integrated a payment gateway implemented an AI-based facial and voice recognition login system.

• Enabled seamless omnichannel checkout experience combining convenience, security and speed.

• Implemented biometric tokenization preventing identity theft.

• Comprehensive payment orchestration supporting cards, wallets, BNPL & crypto.

• Integrated with merchant’s voice ordering system – an automated digital assistant .

Value Delivered by Intelliswift

• Reduced manual processes significantly reduced Mean Time to Repair and enabled the staff to focus on core business functionalities.

• Intelliswift’s continuous application maintenance made the client reliable and allowed them to keep up with ever-evolving business needs.

• Secured and encrypted the data and information transactions within and outside the application landscape.

75% reduction in manual processes

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ABOUT L&T TECHNOLOGY SERVICES

L&T Technology Services (LTTS) is a global leader in engineering and technology services. A listed subsidiary of Larsen & Toubro (L&T), we offer design, development, testing, and sustenance services across products and processes.

Purposeful. Agile. Innovation.

Purposeful. Agile. Innovation. is how we drive growth across the Mobility, Sustainability, and Tech segments. Our customer base includes 69 Fortune 500 companies and 57 top ER&D companies across industrial products, medical devices, transportation, telecom & hi-tech, and process industries. Headquartered in India, we have over 23,700 employees across 22 global design centers, 30 global sales offices, and 108 innovation labs, as of September 30, 2024.

For more information please contact: Pinku Pappan Head, Investor Relations and M&A Email: pinku.pappan@LTTS.com

For additional information about L&T Technology Services log on to https://www.LTTS.com/

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