Lilikoi Holdings, Inc. has acquired a majority share in DEV IT. The strategic partnership will combine Lilikoi’s ambition to build a distinctive IoT and AI wireless ecosystem with DEV IT’s software service capabilities.
One of India’s fastest-growing IT firms, Dev Information Technology Limited (DEV IT), announced today that LT1, Inc., a fully-owned step-down unit of Lilikoi Holdings, Inc. (USA), has bought a majority share in DEV IT. This is an an all-cash deal.
The acquisition will lead to a mutually beneficial strategic partnership between Lilikoi and DEV IT that intends to combine Lilikoi’s ambition to build a distinctive IoT and AI wireless ecosystem with DEV IT’s software service capabilities.
Lilikoi is building a distinctive ecosystem to develop, create, produce, and service its IoT devices, edge devices, base stations, repeaters, and seamlessly integrate multiple technologies and solutions. The company is doing so through acquisitions and internal expertise. Lilikoi is an expert in managed cloud services, business intelligence, digital transformation, mobile ecosystem, and other areas, to mention a few, as part of their software engineering skills. This is a wonderful match for DEV IT’s core competencies and will be enhanced even more as a result of this tactical purchase.
Since its founding in 1997, DEV IT, an ITeS firm with headquarters in India and a presence in Canada, has solidified its position as a prominent player in the IT sector as a provider of technology solutions for digital transformation using cloud, automation, and data technologies. DEV IT is a CMMi Level 3 rated firm that is listed on the NSE and BSE. It is also accredited with ISO 27001, ISO 20000, and ISO 9001 and offers a wide range of IT solutions and services to clients throughout the world as well as prestigious public sector clients in India.
The goal of Lilikoi is to establish itself as a leading supplier of an exclusive, private, and secure IoT wireless ecosystem that uses AI to give mission-critical, actionable intelligence about the targeted assets.
The Lilikoi leadership team has more than 300 years of combined entrepreneurial experience, excellence, and expertise in managing disruptive technology businesses in a variety of industry disciplines, including telecom, mission-critical communication, wireless infrastructure and ecosystem solution services, exclusive IoT / AI technologies, commercial real estate / smart building technology platform and managed services, agriculture technologies, and healthcare application services, among others.
Mr. Pranav Pandya, Chairman, commented on the development, saying, “We are thrilled about this progress with Lilikoi. This alliance will help DEV IT in many ways, including broadening our range of available technologies, gaining access to new markets through the clientele of the Lilikoi group companies, and giving DEV IT a great opportunity to expand its presence outside of India, particularly in developed nations like the United States, Canada, Australia, and many other countries. As we expand, we anticipate that this growth and the systemic adjustments brought about by our cooperation will aid us in increasing our revenue mix and profitability.
Mr. Sanjay Patel, founder and CEO of Lilikoi, stated, “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 thrilled to discuss our vision with the DEV IT promoters and use their ITeS expertise to deliver quick and effective solutions to our target clientele as a unique AI based IoT wireless ecosystem supplier.”
Through this deal, DEV IT will change from a traditional software development and ITeS firm to a diversified, IoT and AI-driven software engineering company that can satisfy the needs of a worldwide clientele for next-generation turnkey system integration.
The present promoters and senior management of DEV IT shall continue in their managerial and Board roles in accordance with the agreement reached with Lilikoi, and there shall be no major changes made to the management structure of DEV IT. All four aspects of the business—shareholders, workers, consumers, and aligned stakeholders and promoters—will gain from this strategic purchase.
