HYDERABAD: Hyderabad-headquartered Kncellton Tech announced today the acquisition of US-based Lenmar Group of Companies, a global IT services and solutions group with a presence in banking and financial services space, for an undisclosed sum.
Financial details of the transaction were not disclosed.
Kellton Tech sources said Lenmar Group had annual revenues of about $11 million.
Lenmar Consulting, the flagship company, provides a broad range of IT offerings, including cloud services and cutting-edge custom development, and has carved a niche for itself in the BFSI market, a Kellton Tech statement said.
“This acquisition will deepen Kellton Tech’s BFSI IT capabilities and support its next phase of growth in existing markets of the US, India and Europe and new markets in APAC region,” it said.
Kellton Tech, through this acquisition, will expand its market share in the banking and financial services space and deliver composite strategic value to a wider range of customers.
Lenmar will leverage Kellton Tech’s capability edge and global footprint to expand its technological and geographical reach, the statement said.
Niranjan Chintam, Founder and Chairman, Kellton Tech, said, “the key factor underpinning our rapid growth as a leading enabler of digital transformation has been our ability to invest on the winning technologies ahead of the curve and acquire strategic customers who will help sustain the momentum. The fusion of these two companies with complementary competencies will unleash the synergistic power of our collective capabilities. It will further strengthen our ability to provide authoritative thought leadership in digital transformation.