Happiest Minds Technologies To Acquire Digital Engineering & Transformation Company - PureSoftware Technologies
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), known for its ethos of being a 'Born Digital. Born Agile', Mindful IT Company, has recently made headlines with its acquisition of PureSoftware Technologies Private Limited ('PureSoftware'). The acquisition, valued at US $94.5 Million (₹779 Crores), involves an upfront payment of ₹635 Crores upon closing and a deferred payment of up to ₹144 Crores at the end of FY25, contingent upon achieving specified performance targets.
PureSoftware, headquartered in Noida and with a global presence, specializes in providing Digital Engineering & Transformation Services across various sectors, including Banking & Financial Services and Insurance (BFSI), Healthcare & Life Sciences, Retail & Logistics, and Gaming & Entertainment. The company's accolades include the prestigious 'Arttha' Banking-as-a-Service Platform.
By acquiring PureSoftware, Happiest Minds aims to strengthen its domain expertise, particularly in sectors such as Banking, Financial Services, Insurance (BFSI), and Healthcare and Life Sciences. The addition of PureSoftware's 1,200-strong workforce will bolster Happiest Minds' existing Product & Digital Engineering Services (PDES) Business Unit. Moreover, the acquisition will expand Happiest Minds' geographical footprint, including establishing a near-shore presence in Mexico and offices in Singapore, Malaysia, and Africa. PureSoftware reported revenues of US $43 Million (~ ₹351 Crores) in Fiscal 2024.
Ashok Soota, Executive Chairman of Happiest Minds, expressed his delight in welcoming PureSoftware to the Happiest Minds family, emphasizing the shared commitment to driving happiness for both employees and customers. Joseph Anantharaju, Executive Vice Chairman of Happiest Minds, highlighted the potential synergies between the two companies, particularly in cross-selling services to PureSoftware customers and driving accelerated growth.
Venkatraman Narayanan, Managing Director & CFO of Happiest Minds, emphasized the strategic alignment of the acquisition with the company's long-term vision of accelerating profitable growth and establishing thought leadership. Anil Baid, Chairman & Chief Strategy Officer of PureSoftware, expressed optimism about the acquisition's value proposition for stakeholders, leveraging Happiest Minds' capabilities in emerging technologies.
Manish Sharma, CEO of PureSoftware, expressed pride in PureSoftware's journey and the opportunity to scale their global presence by joining forces with Happiest Minds. EY and Avendus Capital played pivotal roles as exclusive financial advisors to Happiest Minds and PureSoftware, respectively.
Happiest Minds has consistently been at the forefront of adopting new technologies and innovative methods, evident in the establishment of its newest business unit, 'Generative AI Business Services (GBS)'. Furthermore, its recognition among the Top 50 India's Best Workplaces™ in IT & IT-BPM and Top 50 India's Best Workplaces™ for Building a Culture of Innovation 2023 underscores the organization's commitment to excellence and innovation.
Comments
Post a Comment