M&A

M&A

BSE

BSE  

Publicly listed, Bengaluru-based Happiest Minds Technologies has acquired 100% stake in Noida-based fellow IT Services firm, PureSoftware Technologies for USD 94.5 million (INR 779 crore; including an upfront payout of INR 635 crore and a deferred milestone linked payout of up to INR 144 crore at the end of FY25). PureSoftware reported revenues of USD 43 Million (~ INR 351 crore) for FY24.EY and Avendus Capital acted as exclusive financial advisors to Happiest Minds and PureSoftware respectively.PureSoftware provides IT Services focused on Banking & Financial Services and Insurance (BFSI), Healthcare & Life Sciences, Retail & Logistics, and Gaming & Entertainment. The company also has an Banking-as-a-Service Platform “Arttha”.Through this acquisition, Happiest Minds expected to strengthen its domain capabilities in BFSI and Healthcare and Life Sciences verticals. The 1,200 people company will augment the capabilities and services offerings to Happiest Minds' Product & Digital Engineering Services (PDES) Business Unit.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.