Happiest Minds set to buy PureSoftware for Rs 779 cr
This acquisition will strengthen the IT firm’s BFSI, healthcare & retail verticals
image for illustrative purpose
Bengaluru: Happiest Minds Technologies on Thursday said it will acquire 100 per cent stake in PureSoftware Technologies for a sum of up to Rs779 crore, making it one of the biggest acquisitions of the company.
PureSoftware Technologies, with a paid-up capital of Rs3.23 crore and revenue of Rs351 crore for FY24, will be acquired through an upfront cash consideration of Rs635 crore. Additionally, a deferred consideration of up to Rs144 crore will be payable at the end of FY25, subject to the achievement of set performance targets, Happiest Minds said in a press release.
Noida-headquartered PureSoftware, which has a global presence, is a fast-growing digital engineering & transformation services and solutions provider with deep domain expertise. It partners with global enterprises across verticals, which include Banking & Financial Services and Insurance (BFSI), Healthcare & Life Sciences, Retail & Logistics, and Gaming & Entertainment. It also has a banking-as-a-service platform ‘Arttha.’
Post this acquisition, Happiest Minds will strengthen its domain capabilities in Banking, Financial Services, Insurance (BFSI) and healthcare and life sciences verticals.
The Bengaluru-headquartered company will see 1,200 staffers of PureSoftware coming to the IT firm. This acquisition is likely to augment the capabilities and services offerings of Happiest Minds’ Product & Digital Engineering Services (PDES) business Unit.
The company will strengthen PureSoftware’s presence in the US, UK and India apart from setting up a near-shore presence in Mexico and offices in Singapore, Malaysia, and Africa.
Commenting on the acquisition, Joseph Anantharaju, Executive Vice Chairman of Happiest Minds said, “PureSoftware brings with it strong capabilities in banking, insurance and healthcare domains; allowing us to add value and upsell to our customers. 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.”
“PureSoftware has been recognized as a trusted partner by our customers for the ability to deliver solutions combining our domain knowledge with core engineering expertise in digital technologies. As a part of Happiest Minds family, we shall be able to deliver even greater value to our stakeholders including customers, employees and partners by cross leveraging the capabilities Happiest Minds has built around emerging trends in Product Engineering, Artificial Intelligence, Cloud Infrastructure management and Information security,” said Anil Baid, Chairman & Chief Strategy Officer, PureSoftware.
