Happiest Minds to acquire PureSoftware Technologies for up to Rs 779 crore

The acquisition, executed through a Share Purchase Agreement

Happiest Minds, on April 25, announced its plans to acquire PureSoftware Technologies Private Limited for a sum of up to Rs 779 crore. The acquisition, executed through a Share Purchase Agreement, will see Happiest Minds obtaining 100% equity interest in PureSoftware, thereby making it a wholly-owned subsidiary of the company.

PureSoftware Technologies, with a paid-up capital of Rs 3.23 crores and a turnover of Rs 351 crores for fiscal 2024, will be acquired through an upfront cash consideration of Rs 635 crores. Additionally, a deferred consideration of up to Rs 144 crores will be payable at the end of FY25, subject to the achievement of set performance targets, Happiest Minds said in the press release.

Upon completion of the transaction, Happiest Minds will possess 100% equity interest in PureSoftware, acquiring 3,24,12,166 equity shares from its existing shareholders.

This strategic acquisition is poised to strengthen Happiest Minds' domain capabilities in key sectors such as Banking, Financial Services, Insurance (BFSI), and Healthcare and Life Sciences. Furthermore, it will provide the company with access to a portfolio of prestigious clients, as highlighted in the company's press release.

The acquisition is anticipated to be finalised by May 31, 2024.