Happiest Mind Technologies shares jump over 3% on executing share purchase agreements with Gavs Technologies

Happiest Minds Technologies has executed Share Purchase Agreements with Gavs Technologies to acquire 100% of the business interest in their Middle East business by acquiring InnovazIT Technologies LLC, Dubai; Gavs Technologies LLC, Oman; and Gavs Technologies Saudi Arabia for Telecommunications and Information Technology, Saudi Arabia, in accordance with the terms and conditions detailed in the Agreements.

This transaction aims to acquire and consolidate existing customer relations and contracts, along with a delivery team, and consolidate the company’s business presence in the Middle East. The acquisition is expected to be completed by March 15, 2025.

For the quarter ended September 2024, total revenue stood at ₹374.6 crore. A decline of -29.84 % was recorded to ₹38.2 crore from ₹54.5 crore in the corresponding previous quarter. Operating profit for the quarter ended September 2024 decreased to ₹86.5 crore compared to ₹94 crore of the corresponding quarter ended September 2023.

Happiest Minds Technologies is a Mindful IT Company that enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency, and actionable insights.