LTI signs multi-year deal with Swedish financial services firm Hoist Finance AB

Mumbai-based information technology services firm Larsen and Toubro Infotech (LTI) has signed a multi-year deal with Swedish financial services firm Hoist Finance AB to manage the company's IT operations.

As part of the deal, LTI will leverage its capabilities to transform the IT operations of Hoist Finance to enhance stability, security and efficiency of the financial company's IT environment, the company said in a statement. The engineering conglomerate Larsen and Toubro group firm has not disclosed the value of the deal.

“To execute on our strategy and become the digital leader in our industry, it requires a multitude of thought leadership and professionalism as well as extensive technological experience and capabilities," said Klaus-Anders Nysteen, CEO, Hoist Finance adding that the deal will also help the company to accelerate its digital development. 

Hoist Finance is a debt resolution firm with over six million customers and has a presence in 11 European countries. It is listed on Nasdaq OMX Stockholm exchange. The company said that it was focussing on increasing the stability and security of its IT operations while automating several functions under its IT department. 

“To be the breakaway leader in their domain, banking and financial services enterprises need to offer superior customer experience and operate with extreme efficiency. With our robust offerings we will enable Hoist Finance to use superior operations as a lever of transformation,” Sudhir Chaturvedi, president and executive board member at LTI said in a statement. 

LTI claims to have a strong presence in the Nordic region and has partnerships with leading companies across industries. It recently set up a proximity centre in Poland to support clients in the region.

The company also announced its fourth acquisition this year. It bought cloud services firm PowerupCloud Technologies for Rs 107 crore in an all-cash deal to strengthen its cloud capabilities. 

The L&T group firm has over 350 clients in 30 countries with an employee strength of around 30,000 people, most of them in India. According to the company, its Mosaic platform helps customers in their mobile, social, analytics, IoT and cloud journeys.

This year, L&T had acquired Bengaluru-based IT services firm Mindtree in a hostile takeover. The $21 billion group also has another IT firm Larsen and Toubro engineering services under its fold.