Happiest Minds Technologies will acquire Noida-based digital engineering and transformation services and solutions provider PureSoftware Technologies for $94.5 million (Rs 779 crore), the IT services company said Thursday.
The deal value includes payment of Rs 635 crore on closing of the deal and a deferred component of up to Rs 144 crore, payable at the end of fiscal 2025 on achievement of certain performance targets. The transaction is expected to be completed by May 2024.
Happiest Minds expects the acquisition to help strengthen its domain capabilities in banking, financial services and insurance (BFSI), as well as healthcare and life sciences verticals. PureSoftware, with 1,200 employees, will augment the capabilities and services offerings to Happiest Minds’ Product & Digital Engineering Services Business Unit, it said in a stock exchange filing.
PureSoftware reported revenue of $43 million in fiscal 2024. In addition to augmenting its presence in the US, UK and India, Happiest Minds will also get a near-shore presence in Mexico and offices in Singapore, Malaysia and Africa through this deal.
PureSoftware partners with global enterprises across focused verticals which include BFSI, healthcare & life sciences, retail & logistics, and gaming & entertainment. It also has a banking-as-a-service Platform, ‘Arttha’.
“PureSoftware brings with it strong capabilities in banking, insurance and healthcare domains, allowing us to add value and upsell to our customers,” Happiest Minds executive vice chairman Joseph Anantharaju said. “We are excited by the potential to cross-sell analytics, genAI, automation, infrastructure management and cybersecurity services to PureSoftware customers and drive accelerated growth for Happiest Minds.”
Source: Economic Times