Happiest Minds Acquires PureSoftware for $94.5 Million
Happiest Minds Technologies Ltd, an IT company, announced on Thursday that it will acquire PureSoftware Technologies for a total consideration of $94.5 million (Rs 779 crores).
The agreement involves Happiest Minds acquiring 100% of the equity share capital of PureSoftware Technologies Pvt Ltd for a total purchase consideration of Rs 779 crore. This includes an upfront payment of Rs 635 crore on closing and a deferred payment of up to Rs 144 crore payable at the end of 2024-25, contingent upon achieving set performance targets.
"I am delighted to welcome the PureSoftware Team to the Happiest Minds family," said Ashok Soota, executive chairman of Happiest Minds, in a statement. "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."
Noida-headquartered PureSoftware has a global presence, partnering with global enterprises across focused verticals including banking and financial services and insurance (BFSI), healthcare and life sciences, retail and logistics, as well as gaming and entertainment.
Through this acquisition, Happiest Minds aims to strengthen its domain capabilities in BFSI and healthcare and life sciences verticals. Additionally, it will augment its presence in the USA, the UK, and India, and gain a near-shore presence in Mexico and offices in Singapore, Malaysia, and Africa.
PureSoftware reported revenues of $43 million (about Rs 351 crore) for fiscal 2024.
"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," said Anil Baid, chairman and chief strategy officer of PureSoftware.