Posted by Ahmedabad: Indian company DEV IT (Dev Information Technology Limited), today announced that LT1, Inc, a wholly-owned step-down subsidiary of Lilikoi Holdings, Inc (USA), has acquired a controlling stake in the company in an all-cash deal.
This collaboration between Lilikoi and DEV IT aims to integrate Lilikoi’s vision to become a unique IoT and AI wireless ecosystem provider, with DEV IT’s software service capabilities of DEV IT.
Through acquisitions and in-house expertise, Lilikoi is creating a unique ecosystem to design, engineer, manufacture, and support their IoT devices, edge devices, base stations, and repeaters, and seamlessly integrate various technologies and solutions.
Its software engineering capabilities include skill sets in managed cloud services, business intelligence, digital transformation, mobile ecosystem, etc. to name a few. This perfectly aligns with DEV IT’s core expertise and will be strengthened further through this strategic acquisition.
Founded in 1997, the Indian company DEV IT also has its presence in Canada. It is a tech solutions provider delivering digital transformation leveraging cloud, automation and data technologies.
NSE and BSE-listed DEV IT, a CMMi Level 3 appraised company is certified with ISO 27001, ISO 20000, and ISO 9001. It provides a broad range of IT solutions and services to clients across the globe as well as public sector customers across India.
Lilikoi’s vision is to become a unique AI-enabled IoT wireless ecosystem provider, delivering mission-critical, actionable intelligence of the targeted assets using its private, secure, and exclusive IoT wireless infrastructure.
“This alliance is going to benefit DEV IT in many ways which shall include an increase in our technology spectrum, entry into new businesses via access to Lilikoi group companies’ clientele, and shall provide strong opportunity to DEV IT to expand its presence in USA, Canada, Australia and many other developed geographies in addition to maintaining its strong presence in India,” said Pranav Pandya, Chairman of DEV IT.
“We expect that this development and systemic changes stemming from this alliance shall help us in improving our revenue mix and profitability as we grow,” added Pandya.
“In DEV IT, we find a perfect blend of technical skills with service capabilities to deploy our solutions in North America and other developed geographies. We are excited to share our vision, of being unique AI enabled IoT wireless ecosystem provider, with the promoters of DEV IT and leverage their ITeS capabilities to provide efficient and expeditious solutions to our target clientele,” said Sanjay Patel, Founder and CEO of Lilikoi.
This transaction envisages a transformation of DEV IT from a conventional software development and ITeS company into a diversified, IoT / AI-driven software engineering company meeting the next-gen turnkey system integration requirements of the global clientele.
As part of the agreement signed with Lilikoi, there shall be no material changes to the management framework of DEV IT and the current promoters and senior management of DEV IT shall retain their managerial and Board positions.
Vivro Financial Services Private Limited acted as the advisor and merchant banker for the transaction and Dhinal Shah Associates was appointed as the legal and tax advisor.