Happiest Minds Technologies To Acquire Digital Engineering & Transformation Company - Puresoftware Technologies

By Author: jamescolin
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Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), renowned as a 'Born Digital. Born Agile', Mindful IT Company, has recently announced its definitive agreements to acquire PureSoftware Technologies Private Limited ('PureSoftware') in a significant move. The acquisition, valued at US $94.5 Million (₹779 Crores), includes an upfront payment of ₹635 Crores upon closing and a deferred amount of up to ₹144 Crores payable by the end of FY25, subject to achieving set performance targets.

PureSoftware, headquartered in Noida with a global footprint, specializes in Digital Engineering & Transformation Services across various sectors, notably Banking & Financial Services and Insurance (BFSI), Healthcare & Life Sciences, Retail & Logistics, and Gaming & Entertainment. The company also boasts an award-winning Banking-as-a-Service Platform named 'Arttha'.

With this strategic acquisition, Happiest Minds aims to bolster its domain expertise in key sectors like Banking, Financial Services, Insurance (BFSI), and Healthcare and Life Sciences. PureSoftware's 1,200-strong workforce will enhance Happiest ...
... Minds' existing Product & Digital Engineering Services (PDES) Business Unit. Moreover, the acquisition will expand Happiest Minds' geographical presence, including a near-shore location in Mexico and offices in Singapore, Malaysia, and Africa. In Fiscal 2024, PureSoftware reported revenues of US $43 Million (~ ₹351 Crores).

Ashok Soota, Executive Chairman of Happiest Minds, expressed his delight in welcoming PureSoftware to the Happiest Minds family, emphasizing their shared commitment to driving happiness for both employees and customers. Joseph Anantharaju, Executive Vice Chairman of Happiest Minds, highlighted the 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, underscored the 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 confidence in the value the acquisition will bring to stakeholders, leveraging Happiest Minds' capabilities in emerging technologies.

Manish Sharma, CEO of PureSoftware, expressed pride in the journey of PureSoftware and the opportunity to scale their presence globally 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 embraced 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.

https://www.techdogs.com/tech-news/pr-newswire/happiest-minds-technologies-to-acquire-digital-engineering-transformation-company-puresoftware-technologies