This is Happiest Minds' third acquisition in 25 years. In April, it acquired PureSoftware Technologies for $94.5 million (Rs. 784 million) and Macmillan Learning India for Rs. 4.5 billion.
Ayushmann Barua Bangalore
Happiest Minds Technologies has signed a definitive agreement to acquire 100% stake in Aureus Tech Systems, a US-based digital product engineering company, for $8.5 million (approximately Rs. 7,100 crore). The acquisition is expected to be completed by the end of June 2024.
This is Happiest Minds' third acquisition in 25 years. In April, it acquired PureSoftware Technologies for $94.5 million (Rs. 784 million) and Macmillan Learning India for Rs. 4.5 billion.
Click here to follow our WhatsApp channel
Aureus is an Azure-native niche digital product engineering company focused on digital transformation through data, artificial intelligence (AI), and application modernization. The 150-employee company, headquartered in Denver, Colorado, says it provides “customized cloud and AI-based transformation solutions.”
Through this acquisition, Happiest Minds aims to strengthen its domain capabilities in insurance and reinsurance, healthcare and life sciences, and product and digital engineering services (PDES) businesses.
“Aureus strengthens our BFSI (Banking, Financial Services and Insurance) and Healthcare industry groups, strengthens our value proposition in these areas and contributes to our new customer acquisition initiatives. , we're excited about the cross-sell and upsell opportunities we aim to provide Aureus customers with the infrastructure, security, automation, analytics, and GenAI (Generative AI) to accelerate Happiest Minds' growth. ” said Joseph Anantharaju, Executive Vice Chairman of Happiest Minds.
Venkatraman Narayanan, Managing Director and Chief Financial Officer of Happiest Minds, said: “The company is at a very exciting stage, with strong organic growth, including an integration strategy, expected to continue in FY25. I look forward to great results.” Through partnerships with existing leading customers such as Macmillan Learning, and inorganic growth through the acquisitions of PureSoftware and now Aureus, we have brought together a strong brand in the insurance/reinsurance space, with a compelling value proposition and strategic Gain access to market leaders with a presence. Meet long-term customer obligations. ”
Founded in September 2011, Aureus Tech Systems reported 2023 consolidated sales of $8.3 million.
In a post-earnings media conference call, Happiest Minds Executive Chairman Ashok Soota said that strong organic growth in addition to strong inorganic growth made FY2025 the company's “best year ever since its initial public offering (IPO).” ” he said.
“This year, we are back on track to achieve our long-term vision of $1 billion in revenue by FY31. When we announced this goal in September 2021, we said we needed a compound annual growth rate (CAGR) of 25.3 percent. But now we are assuming that. To achieve this goal, we only need a CAGR of 22%,” Soota said.
