Happiest Minds, on April 25, announced its plans to acquire PureSoftware Technologies Private Limited for a sum of up to Rs 779 crore. The acquisition, executed through a share purchase agreement, will see Happiest Minds obtaining 100 percent equity interest in PureSoftware, thereby making it a wholly-owned subsidiary of the company.
PureSoftware Technologies, with a paid-up capital of Rs 3.23 crore and a turnover of Rs 351 crore for fiscal 2024, will be acquired through an upfront cash consideration of Rs 635 crore. Additionally, a deferred consideration of up to Rs 144 crore will be payable at the end of FY25, subject to the achievement of set performance targets, Happiest Minds said in a disclosure to the exchanges.
This strategic acquisition is poised to strengthen Happiest Minds’ domain capabilities in Banking, Financial Services, Insurance (BFSI), and Healthcare and Life Sciences segments. It will also provide the company with access to a portfolio of prestigious clients, as highlighted in the company’s press release.
Ashok Soota, Executive Chairman of 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.”
In addition to augmenting its presence in the US, 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 Rs 351 crore ($43 million) for FY24.
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.”
EY and Avendus Capital acted as exclusive financial advisor to Happiest Minds and PureSoftware respectively
