A German Information Technology company has acquired Goa-based tech startup, L&A Tech for 1 million euros. However, the company has asked not to be named till the fiscal year ends.
As per the deal terms, the promoters of L&A Tech have been offered the choice to come onboard the German company or opt exit. The transfer of technology process is still under way.
Speaking on the deal, Lucio Mesquita, Founder, L&A Tech said, “As of now we will serve on the advisory board, but they have given us a choice to remain with the company. Whatever happens, the product branding will not change.”
L&A Tech has a strong user base in the US, which attracted german firm to acquire the startup. This acquisition will help the German firm expand its market share in the US.
L&A Tech was founded in 2011 by Lucio Mesquita and Ajay Naik. The company today specializes in ecommerce solutions, web design, and mobile application development services to clients across the world.
The company claims to have 11 applications available on Google Play, which together have been downloaded by over two lakh users. Initially, L&T Tech started with applications for Android like SmartPray and Bible Inspiration. The company was mentored by the Goa IT Innovation Centre and Centre for Incubation and Business Acceleration (CIBA).