Happiest Minds Set to Purchase PureSoftware Technologies for Rs 779 Crore

Happiest Minds Technologies Ltd is set to acquire PureSoftware Technologies, a digital engineering and transformation services provider based in Noida, for a sum of $94.5 million (approximately Rs 779 crore). The acquisition aims to bolster Happiest Minds’ expertise in key sectors such as banking, financial services, insurance (BFSI), healthcare, and life sciences, while also expanding its global footprint across the USA, UK, India, Mexico, Singapore, and Malaysia.

The deal structure entails an upfront payment of Rs 635 crore upon closure, with an additional deferred payment of up to Rs 144 crore contingent upon meeting specific performance targets by the end of fiscal 2025. Expected to be finalized by May 2024, the acquisition is anticipated to enrich Happiest Minds’ Product & Digital Engineering Services Business Unit with PureSoftware’s workforce of 1,200 employees and diverse service offerings.

PureSoftware’s fiscal 2024 revenue of $43 million underscores its substantial presence in the BFSI, healthcare, life sciences, retail, logistics, and gaming sectors. Moreover, Happiest Minds stands to benefit from PureSoftware’s banking-as-a-service platform, ‘Arttha’, as well as its partnerships with global enterprises.

Joseph Anantharaju, Happiest Minds’ executive vice chairman, highlights the strategic significance of the acquisition, emphasizing PureSoftware’s strengths in BFSI, insurance, and healthcare domains. Anantharaju envisions leveraging PureSoftware’s capabilities to enhance customer value and expand Happiest Minds’ service portfolio, encompassing analytics, genAI, automation, infrastructure management, and cybersecurity services.