INDIAN NEWS & TIMES

Monday, January 30, 2023

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, Mindful IT Company today announced signing of definitive agreements to acquire 100% of SMI – a Madurai headquartered, profitable, IT services company through a combination of upfront and deferred equity consideration totaling ₹ 111 crores. With 400+ offshore-based employees, SMI has an annual run rate in revenues of circa US$ 9 Million.

SMI provides product engineering services to its US customers around Enterprise Applications & Integrations, digital data platform services (Analytics, Data Strategy, AI / ML, User Experience), Mobility Services and DevSecOps.   Certified as a CMMI Level 3 and ISO 9001:2015 company, SMI delivers its engagements through agile delivery leveraging mature and industry-standard software engineering and development practices.  The Company has over the years built deep domain expertise around the healthcare vertical.

Joseph Anantharaju, Executive Vice Chairman & CEO – Product Engineering Services, Happiest Minds Technologies said “We are excited to have the SMI team of 400+ join the Happiest Minds family. SMI brings in deep domain capabilities which add to our healthcare vertical strengths and align very well with our Product Engineering Services business unit.  Working together we seek to go deeper into the healthcare vertical.”

Venkatraman NarayananManaging Director & CFO, Happiest Minds Technologies, said“SMI with expertise in healthcare and a vibrant talent pool in the burgeoning Tier-2 locations of Madurai and Coimbatore, is well aligned with our vision. Over the years SMI has built a strong profitable enterprise and we are extremely pleased to welcome them to the Happiest Minds family. Together, we are a strong force well ready to meet existing and future customer demands.”

The acquisition was supported by Ernst & Young on the advisory side.

Founded in 2011, Happiest Minds is recognized among India’s Top 50, Asia’s Top 100 and Top 50 India’s Best Workplaces™ for Women 2022 by the Great Place to Work® Institute. The company has won the prestigious Golden Peacock Award for Excellence in Corporate Governance 2022 and the Golden Peacock Business Excellence Award 2021 and has recently been awarded the “Best Governed Company in Listed Segment: Medium Category – National Awards for Excellence in Corporate Governance” at the Institute of Company Secretaries of India (ICSI) National Awards 2022.