Happiest Minds Technologies Ltd Company Summary

Happiest Minds Technologies Ltd Summary

Incorporated in March, 2011, Happiest Minds Technologies Limited (formerly known as Happiest Minds Technologies Private Limited) is engaged in next generation IT solutions & services Company, enabling organizations to capture the business benefits of emerging technologies of Cloud Computing, Social Media, Mobility Solutions, Business Intelligence, Analytics, Unified Communications and Internet of Things. Pursuant to initial public offering, the Company was converted into a Public Limited Company and name of the Company was changed to Happiest Minds Technologies Limited, issued by the Registrar of Companies on 20 May, 2020.The Company offers high degree of skills, IPs and domain expertise across a set of focused areas that include Digital Transformation & Enterprise Solutions, Product Engineering, Infrastructure Management, Security, Testing and Consulting. The Company focuses on industries in the Retail/CPG, BFSI, Travel & Transportation, Manufacturing and Media space. Happiest Minds provide a Smart, Secure and Connected Experience to its Customers. In the Solution space, focus areas are Security, M2M and Mobility solutions. The Company engineer next-generation products and platforms across software and hardware that power digital evolution and provide end-to-end engineering services for developing high-quality, scalable, and secure products. It has expertise in core technologies like cloud, mobile UI/UX, hardware & embedded, DevOps and emerging technologies like blockchain, AI, edge computing, drones and computer vision across edutech, hi-tech, media and entertainment, healthcare & life sciences, industry, and manufacturing sectors, which provide with a competitive advantage and have enabled to build smart and connected product solutions and services.As on 31 March 2018, the Company has only one wholly owned subsidiary company viz., Happiest Minds Technologies LLC, USA. As approved by the Board of Directors on 16 March 2020 and on 13 May 2020, the Company in aggregate has converted 433,728 14% Series A Non-Cumulative Compulsorily Convertible Preference Share of Rs. 652/- each to 70,697,664 Equity Shares of Rs.2/- each as per the conversion ratio of 163 Equity Shares for every Preference Share.Since there has been no operations in the subsidiary company, the Company had on 16 March 2020 initiated steps to voluntarily dissolve and wind-up the company and accordingly the subsidiary company was wound up on 03 June 2020.During the FY2021, the Company made an Initial Public Offering (IPO) of 4,22,90,091 equity shares of face value of Rs 2 each of the Company for cash at a price of Rs 166 per equity share, including a premium of Rs 164 per equity share aggregating to Rs 7,02.02 Crore, comprising of a fresh issue of 66,26,506 equity shares aggregating to Rs 110 Crore and an offer for sale of 84,14,223 equity shares by Mr. Ashok Soota, the Promoter and 2,72,49,362 equity shares by CMDB II, the Investor, aggregating to Rs 592.02 Crore.The issue opened on 07 September 2020 and closed on 09 September 2020. The Companys entire paid-up share capital consisting of 14,68,63,556 equity shares were listed and admitted for dealing on the National Stock Exchange of India Limited and BSE Limited with effect from 17 September 2020. On 27 January 2021, the Company signed definitive agreements acquiring 100% voting interest in PGS Inc., a US based end-to-end digital e-commerce solutions company, from Moonscape Inc., USA (parent company of PGS Inc.) for total computed consideration of USD 13.31 million (approximately Rs. 9,720 lakhs), comprising cash consideration of USD 8.25 million (approximately Rs. 6,025 lakhs) and fair-valued contingent consideration in the form of warrants of USD 5.06 million (approximately Rs. 3,696 lakhs) over the next three years, to be settled by PGS Inc. to Moonscape Inc.As of 31 March 2021, the Company had one wholly owned subsidiary company viz., Happiest Minds Inc., USA (formerly PGS Inc.).During the year 2020-21, Company signed definitive agreements to acquire, with effect from January 1, 2021, 100% ownership interest in PGS Inc which had permission to Do Business As DBA - Pimcore Global Services, a Houston, USA, based digital e-commerce and data management solutions company for a cash consideration of US $8.25 million. Prior to the acquisition, PGS was a Customer of the Company. Revenues of PGS for the fiscal ended December 31, 2020 (pre-acquisition) was circa US$ 10.6 million during which period Company counted PGS as one of its US$ 2M + customer. Post-acquisition, the name of the PGS Inc. got changed to Happiest Minds Inc.During the year 2021-22, Company made a strategic investment into Tech4TH, a consulting led technology services company that exclusively focuses on the travel and hospitality segment.As of March 31, 2022, Company had one wholly-owned subsidiary company viz., Happiest Minds Inc., USA (formerly PGS Inc.).During the year 2022-23, Company acquired Sri Mookambika Infosolutions Private Limited (SMI), a Madurai headquartered, profitable, IT services company for an equity consideration of Rs 111.32 Crores, which became effective from January 01, 2023.In FY 2023-24, Company established a new business unit Generative AI Business Services (GBS) and restructured two of its existing business units, namely Digital Business Services (DBS) and Product Engineering Services (PES) by merging into new business unit Product and Digital business service (PDES) and made it effective on April 01, 2024. It created a new vertical organizational structure comprising six Industry Groups (IG). The acquisitions of PureSoftware Technologies Pvt Ltd, Aureus Tech Systems LLC and Macmillan Learning India have expanded its scale and presence in strategic markets.