L&T Infotech to buy banking solution provider Syncordis

L&T Infotech (LTI) said it would acquire Luxembourgbased Syncordis S.A., a leading core banking implementation services provider, for ^15 million. LTI would acquire the firm along with its subsidiaries in France, UK, Luxembourg and India. The mid-tier Indian IT services firm said strengths of Syncordis in Temenos, a new-age and digital core banking solution, would help them expand banking services market in the Europe. In addition to the upfront cash consideration, ^13.5 million may be payable over four to five years and that is contingent on the performance of the entity, said the company in a filing to the BSE.