Investments

Happiest Minds Technologies to acquire PureSoftware Technologies

by VARINDIA 2024-04-29

Happiest Minds Technologies has signed definitive agreements to acquire 100% of the equity share capital of PureSoftware Technologies 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 the 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.”

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.”