Happiest Minds to Acquire PureSoftware for US$94.5 Million

On April 25, 2024, Happiest Minds Technologies Limited informed the stock exchanges that the company signed definitive agreements to acquire 100% of the equity share capital of PureSoftware Technologies Private Limited.

Details of the Acquisition

A Mindful IT company, Happiest Minds Technologies, has signed definitive agreements to acquire PureSoftware Technologies Private Limited for a total purchase consideration of US $ 94.5 million, equivalent to ₹779 crore, comprising an upfront payment of ₹635 crore on closing and a deferred payment of up to ₹144 crore payable at the end of FY25 upon achieving set performance targets.

EY and Avendus Capital acted as exclusive financial advisors to Happiest Minds and PureSoftware, respectively.

PureSoftware Technologies is a fast-growing Digital Engineering & Transformation Services and solutions provider with deep domain expertise. The company partners with global companies across focused verticals which include Healthcare & Life Sciences, Banking & Financial Services and Insurance (BFSI), Gaming & Entertainment and Retail & Logistics. PureSoftware Technologies also has an award-winning Banking-as-a-Service Platform “Arttha”.

Happiest Minds Technologies stated that through this acquisition, the company bolsters its domain capabilities in Healthcare and Life Sciences and Banking, Financial Services, Insurance (BFSI) verticals. PureSoftware Technologies, comprising 1,200 individuals, will enhance Happiest Minds’ Product & Digital Engineering Services (PDES) Business Unit, bolstering its capabilities and service offerings.

Alongside strengthening its foothold in the USA, UK, and India, Happiest Minds will also establish a near-shore presence in Mexico, along with offices in Singapore, Malaysia, and Africa. In FY 2024, PureSoftware Technologies reported revenues of US $43 million, which is approximately ₹351 crore.

The Executive Chairman of Happiest Minds, Ashok Soota, said, “I am delighted to welcome the PureSoftware Team to 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.”

Commenting on the acquisition, the Chairman and Chief Strategy Officer of PureSoftware, Anil Baid, said, “PureSoftware has been recognised as a trusted partner by our customers for the ability to deliver solutions combining our domain knowledge with core engineering expertise in digital technologies. As a part of the 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.”

On April 25, 2024, the share price of Happiest Minds Technologies Ltd opened at ₹827.00, touching the day’s high at ₹838.65, as of 9:47 AM on the NSE.

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