Hyderabad, Nov 20 (IANS) Tech Mahindra Ltd., India’s fifth largest software services exporter, has announced that it has signed an agreement to acquire US-based Lightbridge Communications Corporation (LCC) for $240 million.

LCC is a global network services leader. The transaction is expected to close by fourth quarter of Tech Mahindra’s fiscal year 2015.

Headquartered in McLean, Virginia, LCC is one-of-the world’s largest independent global providers of network engineering services to the telecommunications industry, with more than 5,000 employees in over 50 countries, said a statement by Tech Mahindra here Thursday.

With annual revenues of more than $400 million, LCC has built 350 networks and designed more than 350,000 cell sites for over 400 customers worldwide. The acquisition positions Tech Mahindra, a specialist in digital transformation, consulting and business re-engineering, as the pre-eminent partner for network services globally.

With this acquisition, Tech Mahindra will also be addressing a rapidly growing market opportunity as telecommunications companies and enterprises accelerate the network upgrade cycle.

“Tech Mahindra’s deep software skills, in combination with LCC’s world-class network engineering capabilities, will further differentiate Tech Mahindra’s offerings to both our communications and enterprise customers,” it said.

“This partnership is another significant step towards the globalization of Tech Mahindra as we welcome a diverse workforce of over 5,000 network professionals across five continents and more than 50 countries. We expect network services to be a major growth engine for our organization,” said Vineet Nayyar, executive vice chairman, Tech Mahindra.

CP Gurnani, MD and CEO, Tech Mahindra termed the acquisition as a defining moment for Tech Mahindra and the network services sector.