 "Happiest Minds to acquire Noida-based PureSoftware for $94.5 million")
Leading IT company Happiest Minds Technologies said on Thursday it had signed a definitive agreement to acquire the Noida-based PureSoftware Technologies for a total purchase consideration of $94.5 million (about Rs 779 crore). The acquisition comprises an upfront payment of Rs 635 crore, and the balance of Rs 144 crore will be paid at the end of FY25 on achievement of set performance targets.
PureSoftware is a “fast-growing” digital engineering and transformation services and solutions provider with “deep domain expertise”, according to a statement issued by the company. It partners with global enterprises across focused verticals which include banking, financial services and insurance (BFSI), healthcare and life sciences, retail and logistics, and gaming and entertainment.
Through this acquisition, Happiest Minds aims to strengthen its domain capabilities in BFSI, healthcare and life sciences verticals. The 1,200-person company will augment the capabilities and services offerings of Happiest Minds' Product & Digital Engineering Services (PDES) business unit.
In addition to augmenting its presence in the US, the UK, and India, Happiest Minds will also get a near-shore presence in Mexico, and offices in Singapore, Malaysia, and Africa.
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“PureSoftware brings with it 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,” said Joseph Anantharaju, Executive Vice Chairman, Happiest Minds.
Founded by Anil Baid in 2005, PureSoftware is a global digital engineering and transformation services company. Arttha, its flagship banking-as-a-service platform, helps businesses embrace digital solutions in the areas of consumer and SME banking, agency/ branchless banking, core banking, lending, payments, BNPL and merchant management. The company reported revenues of $43 million (about Rs 351 crore) for FY24.
“As a part of the Happiest Minds family, we shall be able to deliver even greater value to our stakeholders including customers, employees and partners by cross-leveraging the capabilities Happiest Minds has built around emerging trends in product engineering, artificial intelligence, Cloud infrastructure management and information security,” said Baid, chairman and chief strategy officer, PureSoftware.
EY and Avendus Capital acted as exclusive financial advisors to Happiest Minds and PureSoftware, respectively. Happiest Minds has been embracing new technologies and adopting innovative methods to put these technologies to best use. It recently launched a new business unit called Generative AI Business Services (GBS) for dedicated work in this area.