Sri Mookambika Infosolutions acquired by Happiest Minds Technologies

Happiest Minds Technologies has acquired Sri Mookambika Infosolutions (SMI), a Madurai-based IT services company in a deal worth INR 111 crores.

The consideration will be paid via a mix of upfront and deferred equity, said the India-based Mindful IT Company.

Sri Mookambika Infosolutions is engaged in providing product engineering services to its customers in the US in the areas of enterprise applications and integrations, digital data platform services, DevSecOps, and mobility services.

It is said to deliver its engagements via agile delivery by making use of mature and industry-standard software engineering and development practices.

Sri Mookambika Infosolutions is claimed to have over 400 offshore-based employees and has an annual run rate in revenues of around $9 million.

Happiest Minds Technologies said that the acquisition of Sri Mookambika Infosolutions will bolster its offerings and position in the healthcare vertical with delivery capabilities in tier-2 locations such as Madurai and Coimbatore.

Joseph Anantharaju — Happiest Minds Technologies Executive Vice Chairman and CEO of Product Engineering Services said: “We are excited to have the SMI team of 400+ join the Happiest Minds family. SMI brings in deep domain capabilities which add to our healthcare vertical strengths and align very well with our Product Engineering Services business unit.

“Working together we seek to go deeper into the healthcare vertical.”

Ernst & Young is the advisor of Happiest Minds Technologies for the acquisition.