Happiest Minds Technologies said that it has executed share purchase agreement with Gavs Technologies to acquire a 100% stake in their Middle East business, aiming to consolidate existing customer relations, contracts along with a delivery team.
The company will acquire InnovazIT Technologies LLC, Dubai, Gavs Technologies LLC, Oman and Gavs Technologies Saudi Arabia for Telecommunications and Information Technology.The said companies are engaged in application development and maintenance, infrastructure support services for large enterprises mostly in the BFSI industry in the Middle East geography. Annual revenues of the continuing operations that have been carved out is approximately $6.4 million.
The company will acquire the business for total consideration of $1.7 million. The said transaction will be completed by 15 March 2025.
Happiest Minds Technologies and IT Solutions Company enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency, and actionable insights.
The IT company's consolidated net profit rose 2% to Rs 59.62 crore in Q3 FY24 as against Rs 58.46 crore recorded in Q2 FY24. Revenue from operations increased slightly to Rs 406.62 crore in Q3 FY24 compared to Q2 FY24.
The counter advanced 1.03% to settle at Rs 695.70 on Saturday, 1 February 2025.
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