Kellton Tech acquires Lenmar

City-based IT firm Kellton Tech on Thursday announced that it has acquired US-based Lenmar Group of companies for an undisclosed amount in an all-cash deal.Lenmar G roup has three companies, of which Lenmar Consulting is the flagship firm that provides IT solutions, especially for the BFSI (banking, financial services and insurance) market. The group had clocked revenues of over $11 million last fiscal and has 100 employees. Apart from the head office in the US, it has a back-office in



Pune.

Kellton Tech pointed out that the acquisition will help it to deepen its BFSI IT capabilities and support its next phase of growth in the existing markets of US, India and Europe as well as new markets in the APAC region. The buy will also help in expanding its market share in the banking and financial services space. Lenmar Consulting has over 20 clients in the BFSI space, including the likes of Deutsche Bank and BNP Paribas. Kellton Tech clocked revenues of `358.68 crore in FY16.