Happiest Minds to acquire PureSoftware Technologies for Rs 779 crore

25 Apr 2024 , 11:25 AM

On April 25, Happiest Minds has revealed its intentions to acquire 100% stake in PureSoftware Technologies Private Limited for Rs 779 crore. Happiest Minds will acquire 100% of PureSoftware’s equity through the acquisition, which will be carried out through a Share Purchase Agreement, making PureSoftware a wholly-owned subsidiary of the business.

An upfront cash consideration of ₹635 Crores will be used to acquire PureSoftware Technologies, which has a paid-up capital of ₹3.23 Crores and a fiscal 2024 turnover of ₹351 Crores. Happiest Minds stated in a news statement that in addition, a deferred consideration of up to ₹144 Crores will be payable at the end of FY25, contingent upon the fulfilment of predetermined performance criteria.

Happiest Minds’ domain expertise in important industries like banking, financial services, insurance (BFSI), healthcare, and life sciences is expected to be strengthened by this strategic purchase. According to the company’s press release, it will also give the business access to a portfolio of esteemed clients.

It is projected that the acquisition will be completed by May 31, 2024.

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