Happiest Minds Technologies to acquire PureSoftware Technologies in strategic $94.5m deal
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a pioneering Mindful IT Company known for its digital agility, announced its definitive agreement to acquire 100% of the equity share capital of PureSoftware Technologies Private Limited for a total consideration of US $94.5 million (approximately ₹779 crores). The transaction includes an upfront payment of ₹635 crores upon closing, with deferred payments of up to ₹144 crores contingent on achieving set performance targets by the end of FY25.
PureSoftware, headquartered in Noida, India, is recognized for its robust Digital Engineering & Transformation Services and solutions, with a significant presence across key global markets, including the USA, UK, Mexico, Singapore, Malaysia, and Africa. This acquisition notably enhances Happiest Minds’ capabilities in the Banking, Financial Services, Insurance (BFSI), and Healthcare and Life Sciences sectors. PureSoftware’s integration brings a workforce of 1,200 people, expanding Happiest Minds’ Product & Digital Engineering Services (PDES) Business Unit.
For Fiscal 2024, PureSoftware reported revenues of US $43 million (around ₹351 crores). The acquisition is poised to augment Happiest Minds’ presence not only in established markets like the USA, UK, and India but also in near-shore regions like Mexico and various offices across Asia and Africa.
Ashok Soota, Executive Chairman at Happiest Minds, expressed enthusiasm about the acquisition: “I am delighted to welcome the PureSoftware Team to the Happiest Minds family. Our mission of ‘Happiest People. Happiest Customers’ aligns seamlessly with PureSoftware’s ethos of ‘Customer Delight by Creating Employee Delight,’ harmonizing our shared vision of driving happiness for people and customers.”
Joseph Anantharaju, Executive Vice Chairman of Happiest Minds, commented on the acquisition’s potential: “PureSoftware brings strong capabilities in Banking, Insurance, and Healthcare domains; allowing us to add value and upsell to our customers. We are excited by the potential to cross-sell Analytics, GenAI, Automation, Infrastructure Management, and Cyber Security services to PureSoftware customers and drive accelerated growth for Happiest Minds.”
Venkatraman Narayanan, Managing Director & CFO of Happiest Minds, stated, “The PureSoftware acquisition aligns perfectly with our long-term vision to accelerate profitable growth, build and sustain a world-class team, and establish thought leadership. This acquisition will also create long-term value for all our shareholders.”
Anil Baid, Chairman & Chief Strategy Officer of PureSoftware, highlighted the synergistic benefits: “Joining forces with Happiest Minds helps us scale our presence across geographies, building upon the joint foundation of shared values of innovation, integrity, and social responsibility.”
Happiest Minds has been consistently recognized among the top workplaces and for fostering a culture of innovation in India. The company’s new business unit, ‘Generative AI Business Services (GBS),’ exemplifies its commitment to embracing cutting-edge technologies and innovative methods.
This acquisition strategically positions Happiest Minds for enhanced market penetration in the digital transformation space, particularly in BFSI and healthcare sectors. By leveraging PureSoftware’s expertise and market presence, Happiest Minds is set to expand its service offerings and enhance its competitive edge in the global IT services market.