Happiest Minds Technologies to Acquire Macmillan Learning India

On April 19, 2024, Happiest Minds Technologies Limited informed in an exchange filing that the company had signed a Share Purchase Agreement to acquire 100% equity interest in Macmillan Learning India Private Limited.

Details of the Agreement 

Happiest Minds Technologies Limited, the IT solutions provider, has executed an agreement to acquire a 100% equity interest in Macmillan Learning India Private Limited.

The company stated that after the completion of the transaction, Macmillan Learning India will become a wholly-owned subsidiary of Happiest Minds Technologies Limited.

The cost of acquisition is ₹4.5 crore, payable in cash and is expected to be completed by April 30, 2024.

On completion of the transaction, Happiest Minds Technologies will own 100% of the equity in Macmillan Learning India. The company will be purchasing 1,00,000 equity shares of face value of ₹1 each in Macmillan Learning India from its existing shareholders.

Macmillan Learning India is involved in the business of offering software development services to the Macmillan Group. Regarding the objectives of the acquisition, Happiest Minds Technologies stated that the acquisition of 100% equity interest in Macmillan Learning India strengthens the already strong Edutech vertical of the company. It also makes the company a strategic partner for the Macmillan group, which is a global leader in the business of learning, education and publishing.

Macmillan Learning India is a wholly owned subsidiary of the Macmillan Group, USA. The subsidiary provides software development services to the Macmillan group and has been working as an ‘’Offshore Development Centre”. Macmillan Learning India reported a turnover of ₹6.9 crore in FY 2023, ₹5.5 crore in FY 2022 and ₹5.3 crore in FY 2021.

About Happiest Minds Technologies Limited

Happiest Minds Technologies Limited is a Mindful IT company that enables digital transformation for companies and technology providers by delivering seamless customer experiences, actionable insights and business efficiency. The company offers its services to various sectors, such as BFSI, automotive, consumer packaged goods, EdTech, e-commerce, engineering R&D, manufacturing, healthcare, travel, transportation, hospitality and retail.

On April 19, 2024, the share price of Happiest Minds Technologies Ltd opened at ₹800.00, touching the day’s high at ₹805.00, as of 9:48 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.