Happiest Minds buys PureSoftware Technologies for ₹779 cr; will expand BFSI; says experts
Upstox
2 min read • Updated: April 25, 2024, 1:09 PM
Summary
The move by Happiest Minds will expand their presence in key sectors like banking, finance, insurance (BFSI) and healthcare. PureSoftware brings a global workforce of 1,200 and strengthens Happiest Minds' product and digital engineering services. Happiest Minds expects this deal to boost its reach in the US, UK, and India, while also gaining a presence in Mexico, Singapore, Malaysia, and Africa.
IT company Happiest Minds Technologies Ltd on Thursday said it will acquire PureSoftware Technologies for a total consideration of USD 94.5 million (₹ 779 crores).
Happiest Minds Technologies has signed definitive agreements to acquire 100% of the equity share capital of PureSoftware Technologies Pvt Ltd for a total purchase consideration of ₹779 crore, according to a company statement.
The total purchase consideration comprises upfront payment of ₹635 crore on closing and deferred payment of up to ₹44 crore payable at the end of 2024-25, on achievement of set performance targets.
"I am delighted to welcome the PureSoftware Team to the Happiest Minds family. Our Mission of 'Happiest People. Happiest Customers' and PureSoftware's 'Customer Delight by Creating Employee Delight' harmonises our shared vision of driving happiness for people and customers," Happiest Minds, executive chairman, Ashok Soota, said in the statement.
Through this acquisition, Happiest Minds aims to strengthen its domain capabilities in BFSI and healthcare and life Sciences verticals. In addition to augmenting its presence in the USA, the UK and India, Happiest Minds will also get a near-shore presence in Mexico and offices in Singapore, Malaysia, and Africa.
"As a part of 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," PureSoftware, chairman and chief strategy officer, Anil Baid said.
About Happiest Minds Technologies:
Happiest Minds Technologies Limited, a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights across various sectors such as automotive, BFSI, consumer packaged goods, e-commerce, EdTech, engineering R&D, healthcare, hi-tech, manufacturing, retail, and travel/transportation/hospitality.
About PureSoftware:
PureSoftware is a global digital engineering & transformation services company with an award winning Banking-as-a Service platform that has been driving transformation for the world's top organisations across multiple verticals, such as banking and financial services, life sciences & healthcare, hi-tech and gaming & entertainment. PureSoftware reported revenues of USD 43 million (about ₹351 crore) for fiscal 2024.
Shares of Happiest Minds Technologies (HAPPSTMNDS) traded 0.39% higher at ₹822.25 at 12:58 PM on April 25, 2024.
With inputs, from PTI.