Happiest Minds acquires Macmillan Learning India to boost edtech vertical
Mid-tier IT firm Happiest Minds Technologies on Friday said it has acquired 100 per cent stake in Macmillan Learning India Private Ltd for Rs 4.5 crore
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Bengaluru, 19 April: Mid-tier IT firm Happiest Minds Technologies on Friday said it has acquired 100 per cent stake in Macmillan Learning India Private Ltd for Rs 4.5 crore.
In an exchange filing, the Bengaluru-headquartered firm said the acquisition will be completed by April 30, 2024.
Macmillan Learning India used to be engaged in the business of providing software development services to the Macmillan Group. Post this acquisition, the entity will be fully-owned subsidiary of Happiest Minds.
“The acquisition of 100 per centequity interest in the Macmillan Learning India further strengthens the already strong Edutech vertical of the Company. It also makes the Company a strategic partner for the Macmillan group who is a global leader in the business of learning, education and publishing,” the company said in the exchange filing.
Macmillan Learning India is a wholly owned subsidiary of the Macmillan group, USA. The subsidiary provides software development services to the Macmillan group and has been working as an ‘’Offshore Development Centre”.
Happiest Minds has been aggressively tapping the acquisition route to increase its growth rate. Last year, the company revised its revenue guidance downward for FY24 owing to delay in closing the acquisitions. The management had said that the company would acquire 3-4 firms, operating in the digital space to build up capabilities.
Meanwhile, the company has set up a separate Generative AI unit in order to cash in emerging opportunities in this new technology area.
“We are focussing on areas where spend is being done. One of the areas that we feel quite bullish about is Generative AI. We feel good about the fact that we started a separate business unit for Gen AI and we have quite a bit of progress out there. We had around 30 customer conversations in Q3 out of which around six or seven have translated into projects,” Joseph Anantharaju, Executive Vice Chairman of Happiest Minds had told the BizzBuzz.
