Happiest Minds Acquires 100 pc Stake In PureSoftware Technologies- Check Details
Happiest Minds Technologies Limited, an IT services-based company, announced on Wednesday its definitive agreements to acquire 100 per cent of the equity share capital of PureSoftware Technologies Private Limited for a total purchase consideration of USD 94.5 million (approximately Rs 779 crores). This acquisition, detailed in a regulatory filing, comprises an upfront payment of Rs 635 crores upon closing and a deferred payment of up to Rs 144 crores payable at the end of FY25 upon the achievement of set performance targets.
PureSoftware: Noida’s fast-growing Digital Engineering Player
PureSoftware, headquartered in Noida, is a rapidly expanding provider of Digital Engineering & Transformation Services with profound domain expertise. The company collaborates with global enterprises across various verticals, including Banking & Financial Services, Insurance (BFSI), Healthcare & Life Sciences, Retail & Logistics, and Gaming & Entertainment. Notably, PureSoftware’s “Arttha” Banking-as-a-Service Platform has received industry accolades.
Acquisition To Strengthen Domain Capabilities
Happiest Minds aims to enhance its domain capabilities in the BFSI and Healthcare and Life Sciences verticals through this acquisition. With a team of 1,200 professionals, PureSoftware’s expertise will complement Happiest Minds’ existing Product & Digital Engineering Services (PDES) Business Unit. Furthermore, the acquisition expands Happiest Minds’ global footprint, providing a near-shore presence in Mexico and additional offices in Singapore, Malaysia, and Africa.
PureSoftware Revenue Performance and Growth Prospects
PureSoftware reported revenues of USD 43 million (approximately Rs 351 crores) for Fiscal 2024, indicating its robust growth trajectory. Joseph Anantharaju, Executive Vice Chairman of Happiest Minds, highlighted PureSoftware’s strengths in Banking, Insurance, and Healthcare domains. He expressed optimism about cross-selling opportunities, leveraging Happiest Minds’ Analytics, GenAI, Automation, Infrastructure Management, and Cyber Security services to accelerate growth.
The acquisition aligns with Happiest Minds’ strategic objectives of expanding its service offerings and strengthening its market presence. By combining forces with PureSoftware, Happiest Minds aims to offer comprehensive solutions to its clients, driving value creation and enhancing customer satisfaction. The acquisition reflects Happiest Minds’ commitment to innovation and growth in the rapidly evolving digital landscape.
