Happiest Minds, on April 25, introduced its plans to amass PureSoftware Applied sciences Personal Restricted for a sum of as much as Rs 779 crore. The acquisition, executed by a share buy settlement, will see Happiest Minds acquiring 100% fairness curiosity in PureSoftware, thereby making it a wholly-owned subsidiary of the corporate.
PureSoftware Applied sciences, with a paid-up capital of Rs 3.23 crore and a turnover of Rs 351 crore for fiscal 2024, might be acquired by an upfront money consideration of Rs 635 crore. Moreover, a deferred consideration of as much as Rs 144 crore might be payable on the finish of FY25, topic to the achievement of set efficiency targets, Happiest Minds mentioned in a disclosure to the exchanges.
This strategic acquisition is poised to strengthen Happiest Minds’ area capabilities in Banking, Monetary Providers, Insurance coverage (BFSI), and Healthcare and Life Sciences segments. It is going to additionally present the corporate with entry to a portfolio of prestigious purchasers, as highlighted within the firm’s press launch.
Ashok Soota, Govt Chairman of Happiest Minds, mentioned, “I’m delighted to welcome the PureSoftware Workforce to Happiest Minds household. Our Mission of ‘Happiest Individuals. Happiest Clients’ and PureSoftware’s ‘Buyer Delight by Creating Worker Delight’ harmonizes our shared imaginative and prescient of driving happiness for individuals and prospects.”
Along with augmenting its presence within the US, UK and India, Happiest Minds will even get a near-shore presence in Mexico and places of work in Singapore, Malaysia, and Africa. PureSoftware reported revenues of Rs 351 crore ($43 million) for FY24.
Anil Baid, Chairman & Chief Technique Officer, PureSoftware mentioned, “PureSoftware has been acknowledged as a trusted companion by our prospects for the flexibility to ship options combining our area information with core engineering experience in digital applied sciences. As part of Happiest Minds household, we will be capable of ship even better worth to our stakeholders together with prospects, workers and companions by cross leveraging the capabilities Happiest Minds has constructed round rising tendencies in Product Engineering, Synthetic Intelligence, Cloud Infrastructure administration and Data safety.”
EY and Avendus Capital acted as unique monetary advisor to Happiest Minds and PureSoftware respectively