IT firm Tech Mahindra said that it has signed a definitive agreement to acquire global network services provider Lightbridge Communications Corporation (LCC) for an enterprise value of approximately $240 million, subject to regulatory approvals. The transaction is expected to close by Q4 of Tech Mahindra’s 2015 fiscal year.
Virginia based LCC is one-of-the top global providers of network engineering services to the telecommunications industry, with more than 5,000 employees in over 50 countries. With annual revenues of more than $400 million, LCC has built 350 networks and designed more than 350,000 cell sites for over 400 customers worldwide. The acquisition positions Tech Mahindra as the preeminent partner for network services globally.
The buyout of LCC will strongly augment the systematic investments that Tech Mahindra has been making in its network services business over the last few years.
“This acquisition is a defining moment for Tech Mahindra and the network services sector. We will now be the largest and most comprehensive provider of technology services to Communications Service Providers. Our 25 years of rich experience in delivering technology solutions to enterprises and communications service providers globally will be significantly strengthened by this acquisition,” said CP Gurnani, MD & CEO – Tech Mahindra.
