Lilikoi Holdings Acquires Controlling Stake in DEV IT to Propel IoT and AI Wireless Ecosystem Vision

Dev Information Technology (DEV IT), a prominent IT company in India, has made a significant announcement today regarding the acquisition of a controlling stake by LT1, Inc., a wholly-owned subsidiary of Lilikoi Holdings. This collaboration between Lilikoi and DEV IT aims to integrate Lilikoi’s vision of becoming a unique IoT and AI wireless ecosystem provider with DEV IT’s software service capabilities.

Lilikoi is creating a distinctive ecosystem through acquisitions and in-house expertise, focusing on designing, engineering, manufacturing, and supporting IoT devices, edge devices, base stations, repeaters, and various technology integrations. Their software engineering expertise spans Managed Cloud Services, Business Intelligence, Digital Transformation, Mobile ecosystem, and more. This aligns perfectly with DEV IT’s core capabilities, further strengthening the company through this strategic acquisition.

Established in 1997, DEV IT is an India-based ITeS company with a presence in Canada. It has earned a reputable position in the IT industry as a Technology Solutions Provider, delivering Digital Transformation leveraging Cloud, Automation, and Data technologies. Listed on NSE and BSE, DEV IT is a CMMi Level 3 appraised company and holds certifications such as ISO 27001, ISO 20000, and ISO 9001. It provides a wide range of IT solutions and services to global clients and esteemed public sector organizations in India.

Lilikoi’s vision revolves around being an AI-enabled IoT wireless ecosystem provider, delivering actionable intelligence of targeted assets through a private, secure, and exclusive IoT wireless infrastructure. The leadership team at Lilikoi brings over 300+ man years of entrepreneurial experience, excellence, and expertise in managing disruptive technology businesses across different industry disciplines.

Pranav Pandya, Chairman of DEV IT, expressed his excitement about the collaboration with Lilikoi, highlighting the expected benefits for DEV IT in terms of technology expansion, access to Lilikoi group companies’ clientele, and opportunities to expand its presence in various developed geographies. He believes this alliance will lead to an improved revenue mix and profitability for DEV IT.

Sanjay Patel, Founder & CEO of Lilikoi, emphasized the technical skills and service capabilities of DEV IT, which make them an ideal partner to deploy solutions in North America and other developed geographies. The vision of being a unique AI-enabled IoT wireless ecosystem provider will be shared with the promoters of DEV IT, leveraging their ITeS capabilities to provide efficient solutions to their target clientele.

This transaction marks a transformation of DEV IT from a conventional software development and ITeS company into a diversified IoT/AI-driven software engineering company, meeting the turnkey system integration requirements of global clients.

Under the agreement signed with Lilikoi, the management framework of DEV IT will remain unchanged, and the current promoters and senior management will retain their positions. This strategic acquisition promises benefits for shareholders, employees, customers, aligned stakeholders, and promoters.

Vivro Financial Services Private Limited serves as the advisor and merchant banker to the transaction, while Dhinal Shah Associates has been appointed as the legal and tax advisor.