TECH MAHINDRA ANNOUNCES ACQUISITION OF LIGHTBRIDGE COMMUNICATIONS CORPORATION
New York, USA – November 20, 2014 – Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering, today announced that it has signed a definitive agreement to acquire global Network Services leader Lightbridge Communications Corporation (LCC) for an enterprise value of approximately USD 240M , subject to regulatory approvals. The transaction is expected to close by Q4 of Tech Mahindra’s 2015 Fiscal Year.
Headquartered in McLean, Virginia, LCC is one-of-the world’s largest independent 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 management team at the signing ceremony. L to R CP Gurnani, MD & CEO, Tech Mahindra, Vineet Nayyar, Executive Vice Chairman, Tech Mahindra, Kenneth Young, CEO, LCC
With this acquisition Tech Mahindra will also be addressing a rapidly growing market opportunity as Telecommunications companies and enterprises accelerate the network upgrade cycle. With Networks increasingly becoming all IP-based and Virtual, software will play a key role in managing the networks of the future. Tech Mahindra’s deep software skills, in combination with LCC’s world-class network engineering capabilities, will further differentiate Tech Mahindra’s offerings to both our Communications and Enterprise customers.