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Technology services company Mindtree, on Thursday announced that it has signed an agreement to acquire the NxT Digital Business, the cloud based IoT and AI platform for Industry 4.0 of L&T Group.

The NxT Digital Business, was founded as a startup with broad digital capabilities within L&T. It has played an instrumental role in extensive applications of IoT technology and digitalization of many aspects of L&T's operations where numerous assets were connected and factories were digitalised to make the company's operations data driven for objective decision making. NxT Digital Business leverages the Group's deep industry domain expertise with emerging technologies like industrial IoT, artificial intelligence, machine learning and augmented and virtual reality, geospatial and cybersecurity applications to deliver disruptive business outcomes for its global customers.

Mindtree and NxT Digital Business' combined offerings will bring scale and market agility to meet the growing end-to-end digital transformation demands of customers. That will help accelerate the journey to Industry 4.0, which involves smart automation of industry and manufacturing to gain agility and customer-centricity, a company statement said.

Mindtree will leverage NxT Digital Business' capabilities across several industry segments in integrating sensors and telemetry data with its advanced data analytics and insights leadership to drive digitization across the manufacturing and engineering value chain, deliver tangible operational efficiencies and a differentiated customer experience.

"There is a huge opportunity ahead as global manufacturers and industrial companies are increasingly adopting Industry 4.0 focused smart solutions, systems, and processes, but are struggling to leverage data and analytics to drive efficiency and competitive advantage," said S. N. Subrahmanyan, Chief Executive Officer & Managing Director, Larsen & Toubro Limited.

"NxT Digital Business experience, talent, expertise and credentials, coupled with Mindtree's global scale, technology leadership, and deep understanding of domain and delivery, are a powerful combination of focus and capabilities to meet clients' requirements."

"Industrial and manufacturing companies are starting to adopt digital technologies across the value chain, but need a partner with expertise to strategically connect the dots and generate business value from their data," said Debashis Chatterjee, Chief Executive Officer & Managing Director, Mindtree Limited. "The acquisition will complement our significant strengths in reimagining consumer experience, positioning us as one of the leading partners for leveraging data and analytics to drive insights and deliver transformational services to our clients."

The acquisition is subject to customary closing conditions.