Happiest Minds Technologies Limited has acquired PureSoftware Technologies Private Limited for US$94.5 million.
The total includes an upfront payment of approximately $76.09 million at closing and deferred payments of up to about $17.26 million, contingent on achieving certain performance targets by the end of 2025.
This is technology M&A deal number 112 that ChannelE2E and MSSP Alert have covered so far in 2024. See more than 2,000 technology M&A deals for 2024, 2023, 2022, 2021, and 2020 listed here.
Happiest Minds Technologies Limited, founded in 2011, is based in Bangalore, India. The company has 5,201 employees listed on LinkedIn. Happiest Minds Technologies’ areas of expertise include digital transformation, disruptive technologies such as artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, and virtual/augmented reality.
PureSoftware Technologies Private Limited, headquartered in Noida, India. The company has 1,144 employees listed on LinkedIn. PureSoftware’s areas of expertise include digital engineering & transformation services and solutions with a focus on domains such as banking & financial services, healthcare & life sciences, retail & logistics, and gaming & entertainment.
Through this acquisition, Happiest Minds says it is looking to bolster its capabilities in the banking, financial services, insurance (BFSI), and healthcare and life sciences sectors. The deal will also bolster Happiest Minds' presence in the USA, UK, and India and provide a near-shore presence in Mexico as well as offices in Singapore, Malaysia, and Africa.
Company Statements
Ashok Soota, Executive Chairman, Happiest Minds, commented:
"I am delighted to welcome the PureSoftware Team to Happiest Minds family. Our Mission of 'Happiest People. Happiest Customers' and PureSoftware's 'Customer Delight by Creating Employee Delight' harmonizes our shared vision of driving happiness for people and customers."
Joseph Anantharaju, Executive Vice Chairman, 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 Cyber Security services to PureSoftware customers and drive accelerated growth for Happiest Minds."
Venkatraman Narayanan, Managing Director & CFO, Happiest Minds, added:
"The PureSoftware acquisition aligns perfectly with our long-term vision to accelerate profitable growth, build and sustain world-class team, and establish thought leadership. This acquisition will also create long-term value for all our shareholders."
Anil Baid, Chairman & Chief Strategy Officer, PureSoftware, said:
"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."
Manish Sharma, Chief Executive Officer (CEO), PureSoftware, commented:
"We are proud of the journey PureSoftware has had so far, helping our customers realize the power of transformative domain-led digital solutions through the dedication of our over 1,200 employees. Joining forces with Happiest Minds, helps us in our journey to scale our presence across geographies building upon the joint foundation of shared values of innovation, integrity, and social responsibility."
EY and Avendus Capital served as exclusive financial advisors to Happiest Minds and PureSoftware, respectively.
