In a significant move to bolster its digital and domain expertise, Happiest Minds Technologies Limited has announced the acquisition of PureSoftware Technologies Private Limited for a total consideration of Rs 779 crore. This strategic purchase marks a major step forward for Happiest Minds, solidifying its position in the IT services landscape.

Through a Share Purchase Agreement, Happiest Minds will acquire a 100% stake in PureSoftware, making it a wholly-owned subsidiary. The acquisition will be executed through a two-pronged approach:

• Upfront Cash Consideration: An immediate cash payment of Rs 635 crore will be made to acquire PureSoftware, a company with a paid-up capital of Rs 3.23 crore and a fiscal 2024 turnover of Rs 351 crore.
• Deferred Consideration: Based on the fulfillment of predetermined performance criteria, an additional sum of up to Rs 144 crore will be payable at the end of FY25.

This acquisition presents several key advantages for Happiest Minds:

• Enhanced Domain Expertise: PureSoftware's strong presence in crucial sectors like banking, financial services, insurance (BFSI), healthcare, and life sciences will significantly augment Happiest Minds' existing capabilities in these domains.
• Expanded Client Portfolio: The acquisition grants Happiest Minds access to PureSoftware's established client base, further diversifying its customer network.
• Global Reach: PureSoftware's international presence in the USA, UK, and India, along with near-shore operations in Mexico and offices in Singapore, Malaysia, and Africa, will broaden Happiest Minds' global footprint.

Commenting on the acquisition, Ashok Soota, Executive Chairman of Happiest Minds, expressed his enthusiasm, stating, "I am delighted to welcome the PureSoftware Team to the Happiest Minds family. Our shared vision of 'Happiest People. Happiest Customers' perfectly aligns with PureSoftware's philosophy of 'Customer Delight by Creating Employee Delight'."

The seamless integration of PureSoftware's talent and expertise is expected to be completed by May 31, 2024. This strategic move positions Happiest Minds for accelerated growth in the digital transformation landscape, solidifying its position as a leading IT services provider with a comprehensive and robust service portfolio.