Happiest Minds Technologies said that it has signed definitive agreements to acquire 100% of the equity share capital of PureSoftware Technologies for a total purchase consideration of $94.5 million, which is approximately Rs 779 crore.
Of the total sum payable, an amount of Rs 635 crore would be paid upfront on closing and the balance of Rs 144 crore would be deferred, payable at the end of FY25 on achievement of set performance targets.
PureSoftware with a global presence and headquarters in Noida is a fast-growing digital engineering & transformation services and solutions provider with deep domain expertise. PureSoftware partners with global enterprises across focused verticals which include banking & financial services and insurance (BFSI), healthcare & life sciences, retail & logistics, and gaming & entertainment. The company also has an award-winning banking-as-a-service platform Arttha. PureSoftware reported revenues of $43 million (approximately Rs 351 crore) for fiscal 2024.
Through this acquisition, Happiest Minds strengthens its domain capabilities in banking, financial services, insurance (BFSI) and healthcare and life sciences verticals. In addition to augmenting its presence in USA, UK and India, Happiest Minds will also get a near-shore presence in Mexico and offices in Singapore, Malaysia, and Africa.
Joseph Anantharaju, executive vice chairman, Happiest Minds, said: PureSoftware brings with it strong capabilities in banking, insurance and healthcare domains; allowing us to add value and upsell to our customers.
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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.
Happiest Minds Technologies, an 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.
The scrip rose 0.51% to currently trade at Rs 822.70 on the BSE.
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