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Happiest Minds Applied sciences: Happiest Minds to accumulate Madurai-based IT agency SMI for Rs 111 crore

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Happiest Minds Applied sciences: Happiest Minds to accumulate Madurai-based IT agency SMI for Rs 111 crore

2023-01-25 11:14:10

Happiest Minds Applied sciences has signed definitive agreements to accumulate 100% of Madurai-based IT providers agency Sri Mookambika Infosolutions (SMI) by way of a mix of upfront and deferred fairness consideration totalling Rs 111 crore.With over 400 offshore-based staff, SMI has an annual run charge in revenues of $9 million, in response to an change submitting. SMI gives product engineering providers to its US clients round enterprise functions and integrations, digital knowledge platform providers, mobility providers and DevSecOps.

SMI delivers its engagements by way of agile supply leveraging mature and industry-standard software program engineering and growth practices. The goal firm has over time constructed deep area experience across the healthcare vertical, the submitting added.

“SMI brings in deep area capabilities, which add to our healthcare vertical strengths and align very effectively with our product engineering providers enterprise unit. Working collectively we search to go deeper into the healthcare vertical,” mentioned Joseph Anantharaju, government vice chairman & CEO-product engineering providers, Happiest Minds Applied sciences.The acquisition additionally expands Happiest Minds’ expertise pool in places like Madurai and Coimbatore. The all-cash deal is seen to be accomplished earlier than February.

Final week, Happiest Minds reported a internet revenue of Rs 57 crore for the quarter ended December 31, 2022. That is almost 18% progress, in contrast with Rs 48.8 crore reported within the year-ago quarter.

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Revenues throughout the quarter rose 29% to Rs 366 crore as towards Rs 283 crore within the corresponding quarter of earlier yr.

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