Mindtree announced that it signed an agreement to acquire the NxT Digital Business, the cloud based IoT and AI platform for Industry 4.0 of L&T Group, for Rs 198 crore.
L&T founded the NxT Digital Business as a startup with digital capabilities. It has played an instrumental role in applications of IoT technology and digitalization of many aspects of L&T’s operations where numerous assets were connected and factories were digitalized to make the company’s operations data driven for objective decision making.
NxT Digital Business leverages the Group’s deep industry domain expertise with emerging technologies like industrial IoT, artificial intelligence, machine learning and augmented and virtual reality, geospatial and cybersecurity applications to deliver disruptive business outcomes for its global customers.
Mindtree and NxT Digital Business’ combined offerings will bring scale and market agility to meet the growing end-to-end digital transformation demands of customers. That will help accelerate the journey to Industry 4.0, which involves smart automation of industry and manufacturing to gain agility and customer-centricity.
Mindtree will leverage NxT Digital Business’ capabilities across several industry segments in integrating sensors and telemetry data with its advanced data analytics and insights leadership to drive digitization across the manufacturing and engineering value chain, deliver tangible operational efficiencies and a differentiated customer experience.
“Industrial and manufacturing companies are starting to adopt digital technologies across the value chain, but need a partner with expertise to strategically connect the dots and generate business value from their data,” said Debashis Chatterjee, Chief Executive Officer & Managing Director, Mindtree.