TORONTO, June 16, 2016 /PRNewswire/ --

IoT services monetization to be the core of the alliance value proposition for enterprises 

L&T Technology Services Limited ("L&T Technology Services"), announced its collaboration with Redknee Solutions Inc (TSX: RKN), a leading provider of real-time monetization solutions. The alliance will offer our clients a complete architecture for enterprises to enable connectivity, analytics and monetization for the Internet of Things ("IoT").

Over the coming decade, the Internet of Things will grow rapidly, with a recent Machina Whitepaper highlighting a USD $1.3 trillion opportunity for those with sophisticated monetization capabilities. By leveraging cutting edge technologies from both L&T Technology Services and Redknee, the partnership will enable easy billing and monetization for enterprises across the transport, energy and insurance markets, and support new business models and opportunities for those enterprises utilizing the IoT ecosystem. L&T Technology Services will integrate Redknee's Connected Suite to provide IoT end-point connectivity, advanced analytics and monetization in one integrated solution.

The use case on a solution for Usage Based Insurance (UBI) was demonstrated by the firms in Paris on June 14, 2016 in an event organized by Sierra Wireless.

L&T Technology Services has been deploying IoT solutions through its open frameworks which enable Digital Engineering of Smart Products, Manufacturing, Operations and Services. L&T Technology Services received Nasscom's recognition for 'Innovative Application of Analytics for Business Solution' in 2015.

The Redknee Connected Suite provides all the necessary tools to monetize any enterprise application - in real time - including bundled offers, promotions and new offers with complex pricing models. Redknee's modular solution was built with the diverse requirements of IoT in mind, and its monetization capabilities already support emerging IoT demands.

Mr Amit Chadha, Chief Sales Officer and Member of the Board, L&T Technology Services said, "We have been collaborating with technology leaders to develop enhanced delivery systems that create opportunities and solves challenges for our customers. Our partnership with Redknee is another step in that direction. We will leverage IoT technologies to provide unique and differentiated solutions, offering Digital Engineering solutions to a number of industries."

Mr Lucas Skoczkowski, Redknee's CEO commented: "The Internet of Things is disrupting markets with the emergence of new and innovative business models. Redknee is excited to partner with L&T Technology Services to offer an end-to-end IoT solution to provide connectivity, monetization and subscriber management solutions that support new and innovative monetization models as part of the IoT revolution."

About Larsen & Toubro:
Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with USD 16 billion in revenue. It operates in over 30 countries worldwide. A strong, customer-focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for over seven decades.

About L&T Technology Services:
L&T Technology Services Limited is a wholly-owned subsidiary of Larsen & Toubro Limited providing pure play engineering research and development services to customers, including Fortune 500 companies globally. We offer innovative solutions in IoT and machine-to-machine across various segments such as transportation, industrial products, telecom and hi-tech, process industry and medical devices segment.

With a multi-disciplinary and multi-domain presence, we challenge ourselves every day to help clients achieve an advantage through value-creating products, processes and services. Headquartered in India, L&T Technology Services has 9,406 employees, 12 global delivery centers and 31 research and testing labs in India as of March 31, 2016. For additional information about L&T Technology Services log on to http://www.lntTechservices.com

About Redknee:
Redknee monetizes today's digital world. We provide a complete portfolio of mission-critical monetization and subscriber management solutions and services that allow communications service providers, utility companies, auto makers and enterprise businesses of all types to charge for things in new and innovative ways. Redknee's real-time billing, charging, policy and customer care offerings provide the agility and scalability to drive a unique user experience, increase profitability and support any new product or business model. Available on premise, cloud-based, or as a Software-as-a-Service, Redknee's low-risk, flexible solutions power more than 250 businesses across the globe. Established in 1999, Redknee Solutions Inc. (TSX: RKN) is the parent of the wholly-owned operating subsidiary Redknee Inc. and its various subsidiaries. References to Redknee refer to the combined operations of those entities. For more information about Redknee and its solutions, please go to http://www.redknee.com.

L&T Technology Services: Aniruddha Basu, Email: aniruddha.basu@lnttechservices.com, Phone: +1(0)80-67675173; Redknee Solutions: Michaela Radman, Corporate Communications, Michaela.Radman@redknee.com, +1-905-625-2190; Investor Relations: Lawrence Chamberlain, NATIONAL | Equicom, T: +1(416)-848-1457, lchamberlain@national.ca

SOURCE Redknee Solutions Inc.