The deal was struck by administrators from EY’s Restructuring team shortly after their appointment.
Idverde has bought the services, responsive and winter divisions and the company’s interest in contracts at Grangemouth, Craighouse and Quartermile.
Land Engineering, which helped develop the Commonwealth Arena and Sir Chris Hoy Velodrome for the 2014 Games, is based at Skypark in Finnieston, Glasgow. It has several site offices throughout Scotland.
Andrew Davison, joint administrator, said: “The market has become increasingly competitive for the company and has impacted on its profitability, particularly in relation to the company’s construction business.
“Various options have been explored by the directors to address these challenges.
“Unfortunately none of these options were ultimately successful and the directors therefore took the decision to appoint administrators to help safeguard elements of the business. This has been achieved through the sale we have completed to Idverde.
“While it has been possible to save more than 60 per cent of the total jobs through this sale, it is with regret that redundancies had to be made in relation to the remainder of the company’s business.
“We are doing all that we can to assist these members of staff to make their relevant claims and are providing them with access to impartial advice to help them face the future.”
Most recent accounts for the year to August 2015 show the firm made a pre-tax loss of £192,000 on turnover of £40m.