Happiest Minds Technologies, a Bangalore-based IT Services company that was founded by former Mindtree Chairman Ashok Soota has formed a new Engineering R&D Services division. Happiest Minds which completed one full financial year of its operation on 31 March, 2013, is expanding its Product Engineering Services offerings through the new division.
The company has hired Sandeep Agarwal who was earlier heading the Networking and Telecom industry group at Mindtree as the senior VP of its Product Engineering Services business.
During the launch of Happiest Minds, Ashok Soota had said the company would focus on four major areas including IT Services, Software Product Engineering, Infrastructure Management & Security and Engineering R&D Services.
“As I had mentioned during the official launch of Happiest Minds, we will focus on four major verticals. We were doing software product engineering for our clients. But with the new division, we are now getting in to the embedded software and other high-end works,” said Soota who is now the Executive Chairman at Happiest Minds Technologies.
According to a study by management consulting firm Zinnov, India is one of the leading offshore destinations in delivering engineering and R&D services with a market share of 22%. The market in India is expected to grow at a compound annual growth rate of 14% from $14.7 billion in FY12 to $42 billion by 2020. At this rate of growth, it is expected to outpace the IT services growth rate in India.
Happiest Minds expects that its Engineering R&D Services business will account for around 15-20% of its overall revenues in the next 4-5 years.
“Our offerings will enable the semiconductor, OEM and Technology Software companies to move up the value-chain and stay ahead of the technology curve. We will create ready-to-use frameworks and solution accelerators focusing on 'Internet of Things', ” said Sandeep Agarwal, Senior VP, Happiest Minds Technologies.
Presently, the Engineering R&D team at Happiest Minds has around 25 people, and the company plans to increase the strength to about 100 in next couple of years.
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