Lilikoi Holdings, Inc’s (USA) wholly owned step down subsidiary -- LT1, Inc has acquired a controlling stake (51%) in Dev Information Technology (DEV IT), in an all cash deal. It is a win-win strategic collaboration between Lilikoi and DEV IT which aims to integrate the vision of Lilikoi, to become a unique IoT and AI wireless ecosystem providers, with the software service capabilities of DEV IT.
Through acquisitions and in-house expertise, Lilikoi is creating a unique ecosystem to design, engineer, manufacture, and support their IoT devices, edge devices, base stations, repeaters, and seamlessly integrate various technologies and solutions. Their software engineering capabilities include skill sets in Managed Cloud Services, Business Intelligence, Digital Transformation, Mobile ecosystem, etc. to name a few. This perfectly aligns with DEV IT’s core expertise and thus, will be strengthened further through this strategic acquisition.
This transaction envisages a transformation of DEV IT from a conventional software development and ITeS company into a diversified, IoT / AI driven software engineering company meeting the next-gen turnkey system integration requirements of the global clientele. As part of the agreement signed with Lilikoi, there shall be no material changes to the management framework of DEV IT and the current promoters and senior management ofDEV IT shall retain their managerial and Board positions. This strategic acquisition will ensure benefits to all four-dimensions of the company - shareholders, employees, customers & aligned stakeholders and promoters.
Dev Information Technology is mainly engaged in business of automation software development.
