L&T Technology Services Limited has executed a definitive agreement to acquire 100% stake in Bangalore-based Graphene Semiconductor Services Private Limited (“Graphene”) by way of an all-cash deal. The transaction is expected to be consummated by October 2018.
Graphene is one of the fastest growing companies in the Semiconductor Services domain with a presence in India, Singapore, Taiwan, and Malaysia. Counting 10 of the world’s top semiconductor fabrication and fabless companies as its customers, Graphene provides end-to-end solutions— right from chip design, embedded software, all the way through providing support to mass manufacturing, thereby being a one-stop service and solution provider. Graphene was awarded the title of “Best Startup 2016” by Mentor Graphics and Silicon India. Graphene had revenues of INR 663 million for the year ended March 31, 2018.
“Graphene’s strong offshore presence, coupled with expertise in complete VLSI Chip Design & Embedded Software will be a force multiplier for LTTS and will enhance our capabilities in the Semiconductor & Product OEM space,” said Dr Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.
“Aligning with LTTS is the right decision to expand our global reach. We will now continue fulfilling our vision of enabling our customers to realize products that attain market leadership positions in their respective markets,” said Vilas Bhade, Co-founder Graphene Semiconductor Services Private Limited.