Financial details of the transaction were not disclosed, reported The Financial Express.
“Lenmar Group had annual revenues of about $ 11 million. Lenmar Consulting, the flagship company, provides a broad range of IT offerings, including cloud services and cutting-edge custom development, and has carved a niche for itself in the BFSI market,” said Kellton Tech.
“This acquisition will deepen Kellton Tech’s BFSI IT capabilities and support its next phase of growth in existing markets of the US, India and Europe and new markets in Asia-Pacific region,” it said.
Through this acquisition, the Kellton Tech will expand its market share in the banking and financial services segment and deliver composite strategic value to a wider range of customers.
“Lenmar will leverage Kellton Tech’s capability edge and global footprint to expand its technological and geographical reach,” it added.
“The key factor underpinning our rapid growth as a leading enabler of digital transformation has been our ability to invest in the winning technologies ahead of the curve and acquire strategic customers who will help sustain the momentum. The fusion of these two companies with complementary competencies will unleash the synergistic power of our collective capabilities. It will further strengthen our ability to provide authoritative thought leadership in digital transformation,” said Founder and Chairman, Kellton Tech, Niranjan Chintam.