New Delhi, April 25 -- Indian IT services and consulting firm Happiest Minds Technologies announced on Thursday that it has acquired Noida-based PureSoftware Technologies for $94.5 million (Rs.779 crore).
Through this acquisition, Happiest Minds said it strengthened its domain capabilities in banking, financial services, insurance (BFSI), healthcare, and life sciences verticals., The acquisition, executed through a Share Purchase Agreement, will see Happiest Minds obtaining 100% equity interest in PureSoftware, making it a wholly-owned subsidiary.
PureSoftware Technologies, with a paid-up capital of Rs.3.23 crores and a turnover of Rs.351 crores for fiscal 2024, will be acquired through an upfront cash consideration of Rs 635 crores. Additionally, a deferred consideration of up to Rs 144 crores will be payable at the end of FY25, subject to the achievement of set performance targets, Happiest Minds said in the press release. Upon completion of the transaction, Happiest Minds will possess 100% equity interest in PureSoftware, acquiring 324,12,166 equity shares from its existing shareholders.
With its 1,200-strong workforce, PureSoftware will augment the capabilities and services offerings to Happiest Minds' product and digital engineering services (PDES) business unit. "As a part of the Happiest Minds family, we will be able to deliver even greater value to our stakeholders including customers, employees and partners," said Anil Baid, Chairman and Chief Strategy Officer, PureSoftware.
"Our Mission of 'Happiest People. Happiest Customers' and PureSoftware's 'Customer Delight by Creating Employee Delight' harmonises our shared vision of driving happiness for people and customers," said Ashok Soota, Executive Chairman, of Happiest Minds. In addition to expanding its presence in the U.S., the U.K. and India, Happiest Minds will also gain a near-shore presence in Mexico and offices in Singapore, Malaysia, and Africa.
On April 19, Happiest Minds Technologies executed a share purchase agreement to acquire 100% equity interest in Macmillan Learning India, a wholly owned subsidiary of the Macmillan Group, USA. Macmillan Learning India which has been operating as an Offshore Development Centre will become a wholly-owned subsidiary of the company. The cost of acquisition is Rs.4.5 crore and it is expected to be completed by April 30, 2024.
Earlier this month, the company partnered with MindSculpt Analytics, a healthcare solutions company, to deliver tailored medical diagnostics solutions using advanced artificial intelligence and machine learning techniques.
In February, it also teamed up with Bengaluru-based AI firm, Soroco, founded in 2014 by Rohan Murty, son of Infosys founder NR Narayana Murthy, along with Arjun Narayan and George Nychis. This partnership aims to assist organisations in solving complex business problems, making data-driven decisions, improving operational efficiency and cost savings, and ultimately discovering, monitoring, and improving their operational processes.
Published by HT Digital Content Services with permission from TechCircle.