This recognition isn’t just an important milestone for L&T Technology Services but also an accolade that echoes across the industry.
Bengaluru, India, May 14, 2024: L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a prominent global digital engineering and R&D services company, today announced it has been named a Top 15 Sourcing Standout by Information Services Group (ISG), a leading global technology research and advisory firm.
LTTS was among the leading providers in the Breakthrough 15 category globally based on annual contract value (ACV) won over the last 12 months, according to the 1Q 2024 Global ISG Index™. The company was also similarly recognized for the Americas and Asia-Pacific regions.
Now in its 86th consecutive quarter, the ISG Index™ provides an independent quarterly review of the latest sourcing industry data and trends. Each quarter, it names the top 15 commercial providers in the Big 15 (revenues of more than $10 billion), Building 15 (revenues between $3 billion and $10 billion), Breakthrough 15 (revenues between $1 billion and $3 billion), and Booming 15 (revenues of less than $1 billion) categories in the Americas, EMEA, and Asia Pacific regions. Each Top 15 category includes providers that compete in the traditional sourcing market as well as those that compete in the as-a-service market, including IaaS and SaaS providers.
“Being chosen as a Top 15 Sourcing Standout reflects our deep commitment to excellence and innovation in the field of technology services, along with our focus on R&D and the digitalization of engineering services. This recognition isn’t just an important milestone for L&T Technology Services but also an accolade that echoes across the industry. Our relentless pursuit of quality, customer satisfaction, and exploring the latest technology have been key factors. We extend our gratitude to our stakeholders, customers, and employees, without whom this feat wouldn’t have been possible,” said Alind Saxena, President-Sales and Executive Director, L&T Technology Services Limited.
LTTS has experienced significant growth across verticals and geographies, driven by several key factors. Its engineering heritage and multi-vertical expertise have positioned it for industry-leading growth, with substantial improvements in revenue and a strong compound annual growth rate (CAGR) over the years. A key driver behind the company’s significant growth is investing in reusable tech assets and solutions and allocating around 2% of its annual revenues to drive sustainable growth and innovation.
The company’s six big bets have also played a crucial role in enhancing competitive differentiation and accelerating product development, contributing to its success in multiple industry verticals. Bolstered by the rising demand for Engineering Research and Development (ER&D) services worldwide, LTTS’ strong growth rate beyond the fiscal year 2024 indicates a holistic and sustained growth trajectory. As LTTS prepares for the next phase of growth, it is pursuing a ‘Go Deeper to Scale’ strategy under which the organization is being streamlined into three segments: mobility, sustainability, and hi-tech. This cohesive structure will provide greater empowerment to leaders, leading to faster decision-making and domain specialization, and improve the innovation quotient to unlock higher value for its global customers.
LTTS’ inclusion in the ISG Index™ is based on data the company submits to ISG each quarter.
“The ISG Index™ is recognized as the authoritative source for marketplace intelligence on the global technology and business services industry,” said Paul Reynolds, chief research officer of ISG. “LTTS continues to establish itself as a leading and growing player in the global ER&D services market for pure play digital engineering and technology services across the product and process development lifecycle, based on its volume of business in relation to other industry providers.”
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