Happiest Minds Acquires PureSoftware for Rs 779 Crore

By siliconindia  |  Thursday, 25 April 2024, 10:08:27 AM IST

Happiest Minds Acquires PureSoftware for Rs 779 Crore
Happiest Minds Technologies, a leading IT company, announced the acquisition of Noida-based PureSoftware Technologies for $94.5 million (Rs 779 crore). The deal strengthens Happiest Minds' domain capabilities in the banking, financial services, insurance (BFSI), and healthcare and life sciences sectors.
PureSoftware, with a workforce of 1,200, will bolster the capabilities and service offerings of Happiest Minds' product and digital engineering services (PDES) business unit. Ashok Soota, Executive Chairman of Happiest Minds, stated, “Our mission of ‘Happiest People. Happiest Customers’ aligns with PureSoftware’s ‘Customer Delight by Creating Employee Delight,’ harmonizing our shared vision of driving happiness for people and customers”.
The acquisition also expands Happiest Minds' global presence, providing a near-shore base in Mexico and new offices in Singapore, Malaysia, and Africa, in addition to its existing footprint in the US, UK, and India.
PureSoftware reported revenues of $43 million (Rs 351 crore) for fiscal 2024. Anil Baid, Chairman and Chief Strategy Officer of PureSoftware, expressed confidence in the merger, saying, “As part of the Happiest Minds family, we can deliver even greater value to our stakeholders, including customers, employees, and partners".
The deal includes an upfront payment of Rs 635 crore and a deferred payment of up to Rs 144 crore by the end of FY25, contingent on achieving performance targets.

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