Happiest Minds Technologies has signed definitive agreements to acquire 100 per cent of the equity share capital of PureSoftware Technologies for a total purchase consideration of $94.5 million (₹779 crore).
The acquisition involves an upfront payment of ₹635 crore on closing and a deferred payment of up to ₹144 crore payable at the end of FY25 on achieving set performance targets, per the company.
PureSoftware has a global presence. Its headquarters is in Noida. The company offers digital engineering and transformation services.
PureSoftware partners with global enterprises across focused verticals, including banking and financial services, insurance, healthcare, life sciences, retail and logistics, and gaming and entertainment.
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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.”
The 1,200 people company will augment the capabilities and services offerings to Happiest Minds’ product and digital engineering services (PDES) business unit, per a statement.
In addition to augmenting its presence in the US, the 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 $43 million ( ₹351 crores) for FY24, said the company.
Happiest Minds’ shares were up by 0.2% to ₹820.70 at 12.20 p.m. on NSE.