PureSoftware Technologies to be Purchased by Happiest Minds Technologies for Rs. 779 Crore
Happiest Minds Technologies Ltd., an IT business, said on Thursday that it would purchase PureSoftware Technologies for a sum of USD 94.5 million, or Rs 779 crore. According to a business announcement, Happiest Minds Technologies has finalized arrangements to buy all 100 percent of PureSoftware Technologies Pvt Ltd’s equity share capital for a total acquisition value of Rs 779 crore.
The whole cost for the acquisition consists of an upfront payment of Rs. 635 crore at closing and a delayed payment of up to Rs. 144 crore, which is due at the end of 2024–2025 if certain performance goals are met. “Welcoming the PureSoftware Team to the Happiest Minds family gives me great pleasure.” Ashok Soota, executive chairman of Happiest Minds, stated in a statement, “Our mission of ‘Happiest People. Happiest Customers’ and PureSoftware’s ‘Customer Delight by Creating Employee Delight’ harmonize our shared vision of driving happiness for people and customers.”
PureSoftware, based in Noida, is present all over the world. It collaborates with multinational corporations in specialized industries such as gaming and entertainment, healthcare and life sciences, retail and logistics, and banking and financial services and insurance (BFSI). Happiest Minds hopes to bolster its domain expertise in the BFSI, healthcare, and life sciences sectors with this purchase.
Happiest Minds will have a near-shore presence in Mexico and offices in Singapore, Malaysia, and Africa in addition to expanding its footprint in the USA, the UK, and India. For the fiscal year 2024, PureSoftware recorded sales of USD 43 million, or around Rs 351 crore.
Anil Baid, chairman and chief strategy officer of PureSoftware, stated, “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.”
