L&T Technology Services Limited, a leading global pure-play engineering services company and subsidiary of Larsen & Toubro Limited, has acquired 100% stake in Bangalore-based Graphene Semiconductor Services Private Limited ('Graphene') by way of an all cash deal. The transaction is expected to be consummated by October 2018.

The financials of the acquisition deal was not disclosed.

Founded in April 2013, by Vilas Bhade, Vinay Hebballi, Nandagopal Ananda, and Pramod Sabnis, Graphene provide end-to-end support for the semiconductor industry including chip design, Embedded software design and product testing among others. Notably, it is also the first startup in semiconductor space to receive the backing of a governmental-backed VC fund when it received Rs 4.95 crore from Karnataka Semiconductor Venture Capital Fund. The SEBI-registered VC Fund chose Graphene for its differentiated focus in semiconductor technology and end-to-end product development.

Moreover, Graphene was also in the list of Karnataka's 100 Most Innovative Startups, released in 2017.

Graphene is one of the fastest growing companies in the Semiconductor Services domain with a presence in India, Singapore, Taiwan, and Malaysia. Counting 10 of the world’s top semiconductor fabrication and fabless companies as its customers, Graphene provides end-to-end solutions— right from chip design, embedded software, all the way through providing support to mass manufacturing, thereby being a one-stop service and solution provider. Graphene was awarded the title of "Best Startup 2016" by Mentor Graphics and Silicon India. Graphene had revenues of INR 663 million for the year ended March 31, 2018.

“Graphene’s strong offshore presence, coupled with expertise in complete VLSI Chip Design & Embedded Software will be a force multiplier for LTTS and will enhance our capabilities in the Semiconductor & Product OEM space,” said Dr Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.

"Aligning with LTTS is the right decision to expand our global reach. We will now continue fulfilling our vision of enabling our customers realize products that attain market leadership positions in their respective markets," said Vilas Bhade, Co-founder Graphene Semiconductor Services Private Limited.

Larsen & Toubro, which had set up an Internet of Things Solutions Centre in Bangalore, in 2015, has L&T Technology Services Limited (LTTS) as its publicly listed subsidiary offering consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 52 Fortune 500 companies and 51 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 13,000 employees spread across 16 global design centers, 27 global sales offices and 42 innovation labs as of June 30, 2018.

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