Happiest Minds Technologies, which has headquarters in Bangalore, India, signed definitive agreements to fully acquire Tamil Nadu-based IT services firm Sri Mookambika Infosolutions (SMI) through a combination of upfront and deferred equity consideration totaling 111 crores Indian rupee or about US$13.5 million.
With more than 400 offshore-based employees, SMI has an annual run rate in revenues of circa $ 9 Million.
Also operating in the US, the United Kingdom, Canada, Australia and the Middle East, Happiest Minds offer digital solutions, infrastructure, product engineering and security across industry sectors such as automotive, BFSI, consumer packaged goods, e-commerce, edutech, engineering R&D, hi-tech, manufacturing, retail, and travel/transportation/hospitality.
SMI provides product engineering services to its US customers around enterprise applications and integrations, digital data platform services (analytics, data strategy, AI/ML, user experience), mobility services and DevSecOps.
Joseph Anantharaju, executive vice chairman and CEO of product engineering services at Happiest Minds, said SMI brings in deep domain capabilities which add to their healthcare vertical strengths and align very well with their product engineering services business unit.
“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,” said Venkatraman Narayanan, managing director and CFO of Happiest Minds. “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.