L&T Infotech to buy analytics start-up
Bengaluru, Oct 25 (IANS) Leading IT services provider L&T Infotech on Tuesday announced acquisition of Pune-based analytics start-up AugmentIQ Data Sciences Ltd. for an undisclosed amount.
“The acquisition will enable us to gain access to MaxIQ, the big data platform AugmentIQ developed and used by one of the world’s largest credit bureaus, lead banks and regulatory agencies,” said Infotech in a statement here.
The four-year-old start-up offers Intellectual Property (IP)-based high-end analytics to enterprises worldwide to derive business benefits from big data.
The deal will enrich the IT arm of Larson & Toubro (L&T), the Mumbai-based Indian multinational with diverse businesses, including engineering, construction, manufacturing and financial services.
MaxIQ brings the power of automation and Do-it-Yourself (DIY) to big data. Its end-to-end, self-service approach enables business users to leverage big data technologies such as Hadoop & Spark easily.
“The acquisition will also help us to build upon MaxIQ by integrating it within our Mosaic Decision Science platform for ease of data ingestion, data discovery and industry specific use cases for accelerated data-driven decision-making,” said the statement.
Powered by Microsoft Azure services in a cloud-native solution, Mosaic comes pre-packaged, with about 20 industry-specific machine learning algorithms to jump-start the analytics journey of an organization with prescriptive and predictive analytics across business functions.
“AugmentIQ is a synergistic acquisition, as our clients are seeking big data solutions for quick implementation and scaling their requirements. It also offers a versatile platform that can expand instantly and enable accelerated data monetisation,” said Infotech Chief Executive Sanjay Jalona in the statement.
AugmentIQ Founder and Chief Executive Sachin Vyas said the start-up had been working with major clients in India and overseas and growing rapidly.
“The acquisition by L&T Infotech opens up a roadmap for our innovative offerings to grow and mature, as we get an opportunity to partner with many new clients,” added Vyas.