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Happiest Minds to acquire PureSoftware Technologies for up to ₹779 crore
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Besides augmenting its presence in the US, UK and India, Happiest Minds will also get a foothold in Mexico, and offices in Singapore, Malaysia and Africa post this transaction.
Happiest Minds Technologies Ltd. informed the exchanges that it has executed a share purchase agreement to acquire 100% stake in Noida-based PureSoftware Technologies Pvt. Ltd. for a consideration of up to ₹779 crore.
Happiest Minds will pay an upfront consideration of ₹635 crore post closure of the transaction, which is likely to happen by May 31 this year. The balance ₹144 crore will be paid at the end of financial year 2025 on achievement of set performance targets.
The acquisition strengthens Happiest Minds’ domain capabilities in Banking, Financial Services, Insurance, Healthcare and Life Sciences verticals, while also giving it access to a set of marquee customers.
Besides augmenting its presence in the US, UK and India, Happiest Minds will also get a foothold in Mexico, and offices in Singapore, Malaysia and Africa post this transaction.
PureSoftware is engaged in the business of providing digital engineering and transformation services and software solutions to its customers. For financial year 2024, the company reported revenue of ₹351 crore, higher than the ₹287 crore it reported in financial year 2023.
Post the completion of this transaction, the 1,200 strong staff of PureSoftware will augment Happiest Minds’ Product & Digital Engineering Services business unit. The said business contributes nearly half of the company’s overall revenue.
“PureSoftware brings with it strong capabilities in banking, insurance and healthcare domains, allowing us to add value and upsell to our customers,” said Joseph Anantharaju, Happiest Minds’ Executive Vice Chairman.
EY and Avendus Capital acted as financial advisors to Happiest Minds and PureSoftware respectively.
Last year, Happiest Minds had acquired a 100% stake in Sri Mookambika Infosolutions for a total consideration of ₹111 crore.
Shares of Happiest Minds Technologies have risen 7% over the last one month but have corrected 20% from their 52-week high of ₹1,023.
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