Happiest Minds Acquires PureSoftware Technologies for Rs 779 Crore
Happiest Minds Technologies Limited, a leading digital transformation and IT solutions company, announced its plans to acquire PureSoftware Technologies Private Limited for a total consideration of up to Rs 779 crore. The acquisition, which was executed through a share purchase agreement, will see Happiest Minds obtaining 100% equity interest in PureSoftware, making it a wholly-owned subsidiary of the company.
The acquisition of PureSoftware, a company with a paid-up capital of Rs 3.23 crore and a turnover of Rs 351 crore for fiscal 2024, will be completed through an upfront cash consideration of Rs 635 crore. Additionally, a deferred consideration of up to Rs 144 crore will be payable at the end of FY25, subject to the achievement of set performance targets.
This strategic acquisition is expected to significantly strengthen Happiest Minds' domain capabilities in the Banking, Financial Services, Insurance (BFSI), and Healthcare and Life Sciences segments. It will also provide the company with access to a portfolio of prestigious clients, as highlighted in the company's press release.
Ashok Soota, Executive Chairman of Happiest Minds, expressed his delight in welcoming the PureSoftware team to the Happiest Minds family. He emphasized the alignment between their shared vision of driving happiness for people and customers, as reflected in their respective mission statements.
In addition to augmenting its presence in the US, UK, and India, Happiest Minds will also gain a near-shore presence in Mexico and offices in Singapore, Malaysia, and Africa through this acquisition. PureSoftware reported revenues of Rs 351 crore ($43 million) for FY24.
Anil Baid, Chairman & Chief Strategy Officer of PureSoftware, expressed his confidence that the combined entity will be able to deliver even greater value to stakeholders, including customers, employees, and partners. He highlighted the potential for cross-leveraging capabilities in areas such as Product Engineering, Artificial Intelligence, Cloud Infrastructure Management, and Information Security.
EY and Avendus Capital acted as exclusive financial advisors to Happiest Minds and PureSoftware, respectively, in this transaction.