Happiest Minds acquires Sri Mookambika Infosolutions

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a 'Born Digital. Born Agile', Mindful IT Company has 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 Rs. 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 Narayanan, Managing 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.

Shares of Happiest Minds Technologies Limited was last trading in BSE at Rs. 861.80 as compared to the previous close of Rs. 876.45. The total number of shares traded during the day was 18958 in over 1668 trades.

The stock hit an intraday high of Rs. 876.20 and intraday low of 851.00. The net turnover during the day was Rs. 16387009.00.

Source : Equity Bulls

Keywords

HappiestMindsTechnologies INE419U01012 Acquisition SriMookambikaInfosolutions SMI