SAN
JOSE, Calif. and LONDON and
BENGALURU, India,
April 25,
2024 /PRNewswire/ -- Happiest Minds Technologies
Limited (NSE: HAPPSTMNDS), a 'Born Digital. Born Agile',
Mindful IT Company, today announced it signed definitive agreements
to acquire 100% of the equity share capital of PureSoftware
Technologies Private Limited ('PureSoftware') for a total purchase consideration of
US $ 94.5 Million (₹779 Crores)
(Upfront of ₹635 Crores on closing and deferred of upto ₹144
Crores 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'.
Through this acquisition, Happiest Minds strengthens its domain
capabilities in Banking, Financial Services, Insurance (BFSI) and
Healthcare and Life Sciences verticals. The 1,200-people company
will augment the capabilities and services offerings to Happiest
Minds' already strong Product & Digital Engineering Services
(PDES) Business Unit. 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. PureSoftware reported revenues of US
$ 43 Million (~ ₹351 Crores) for
Fiscal 2024.
Ashok Soota, Executive
Chairman, Happiest Minds, 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' harmonizes our shared vision
of driving happiness for people and customers."
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. 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."
Venkatraman Narayanan,
Managing Director & CFO, Happiest Minds, said, "The
PureSoftware acquisition aligns perfectly with our long-term vision
to accelerate profitable growth, build and sustain world-class
team, and establish thought leadership. This acquisition will also
create long-term value for all our shareholders."
Anil Baid, Chairman & Chief Strategy Officer,
PureSoftware, said, "PureSoftware has been recognized 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 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."
Manish Sharma, Chief Executive
Officer (CEO), PureSoftware, said, "We are proud
of the journey PureSoftware has had so far, helping our customers
realize the power of transformative *domain-led* digital solutions
through the dedication of our over 1,200 employees. Joining forces
with Happiest Minds, helps us in our journey to scale our presence
across geographies building upon the joint foundation of shared
values of innovation, integrity, and social
responsibility."
EY and Avendus Capital acted as exclusive financial advisor to
Happiest Minds and PureSoftware respectively.
Happiest Minds has continuously been at the forefront of
embracing new technologies and adopting innovative methods to put
these technologies to best use. The newest business unit,
'Generative AI Business Services (GBS),' is proof of that. Happiest
Minds has also been recognized among the Top 50 India's Best
Workplaces™ in IT & IT-BPM and Top 50 India's Best Workplaces™
for Building a Culture of Innovation 2023, which stands as a
testament to the grit and determination with which the organization
operates.
About Happiest Minds Technologies
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful
IT Company, enables digital transformation for
enterprises and technology providers by delivering seamless
customer experiences, business efficiency and actionable insights.
We do this by leveraging a spectrum of disruptive technologies such
as: artificial intelligence, blockchain, cloud, digital
process automation, internet of
things, robotics/drones, security, virtual/
augmented reality, etc. Positioned as 'Born Digital. Born Agile',
our capabilities span Product & Digital Engineering Services
(PDES), Generative AI Business Services (GBS) and Infrastructure
Management & Security Services (IMSS). We deliver these
services across industry sectors such as automotive, BFSI, consumer
packaged goods, e-commerce, EdTech, engineering R&D,
healthcare, hi-tech, manufacturing, retail, and
travel/transportation/hospitality. The company has been recognized
for its excellence in Corporate Governance practices by
Golden Peacock and ICSI. A Great
Place to Work Certified™ company, Happiest Minds, is headquartered
in Bangalore, India, with
operations in the U.S., UK, Canada, Australia, and the Middle East.
Media Contact:
Kiran Veigas
media@happiestminds.com
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 organizations across multiple verticals, such
as banking and financial services, lifesciences & healthcare,
hi-tech and gaming & entertainment. Arttha, from PureSoftware,
is a globally trusted Banking-as-a-Service platform. It helps
businesses embrace digital solutions in the areas of consumer and
SME banking, agency/ branchless banking, core banking, lending,
payments, BNPL and merchant management.
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SOURCE Happiest Minds Technologies Limited