Through acquisitions and in-house expertise, Lilikoi is creating a unique ecosystem to design, engineer, manufacture, and support their internet of things (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.

The said 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.

Pranav Pandya, chairman said, “This alliance is going to benefit DEV IT in many ways which shall include an increase in our technology spectrum, entry into new businesses via access to Lilikoi group companies' clientele, and shall provide strong opportunity to DEV IT to expand its presence in USA, Canada, Australia and many other developed geographies in addition to maintaining its strong presence in India. We expect that this development and systemic changes stemming from this alliance shall help us in improving our revenue mix and profitability as we grow.”

Sanjay Patel, founder & CEO of Lilikoi, said, “In DEV IT, we find a perfect blend of technical skills with service capabilities to deploy our solutions in North America and other developed geographies. We are excited to share our vision, of being unique AI enabled IoT wireless ecosystem provider, with the promoters of DEV IT and leverage their ITeS capabilities to provide efficient and expeditious solutions to our target clientele.”

Dev Information Technology is a technology solution provider helping companies in their digital transformation from advisory to execution backed by expert applications and infrastructure management.

The company's consolidated net profit surged to Rs 3.32 crore in Q4 FY23 as compared with Rs 0.21 crore in Q4 FY22. Net sales jumped 40.1% year on year to Rs 44.26 crore in Q4 FY23 over Q4 FY22.

The scrip hit an all time high of Rs 152.10 in intraday today.