LTM buys Randstad units for $186 mn in boost for revenue

Acquisition of tech and consulting business represents €469 million in annual revenue

- Jas Bardia

TMLtd is acquiring Randstad’s subsidiaries in Europe and Australia for $186 million as chief executive officer Venu Lambu buys out a former employer's businesses in the first acquisition since coming into existence after the merger of parent Larsen & Toubro’s two information technology (IT) services companies.

LTM will acquire Randstad’s technology and consulting business in France, Germany, Belgium, Luxembourg and Australia, representing €469 million (or about $500 million) in annual revenue, the Bengaluru-based company, the sixth largest in India, said in a statement on Friday.

LTM was formed in November 2022 after Larsen & Toubro made a hostile bid to acquire Bengaluru-based Mindtree and later merged it with L&T Infotech.

“This acquisition makes for almost double LTM’s incremental revenue of $271 million last year. With $500 million, LTM’s revenue would total about $5.2 billion as against Tech Mahindra's $6.39 billion reported last fiscal.