Happiest Minds Technologies said on Wednesday it has signed a definitive agreement to acquire 100% of Sri Mookambika Infosolutions (SMI), a Madurai-headquartered, profitable IT services company through a combination of upfront and deferred equity consideration, totalling `111 crore.
With over 400 offshore-based employees, SMI has an annual run rate in revenues of about $9 million. SMI provides product engineering services to its US customers around enterprise applications and integrations, digital data platform services, mobility services and DevSecOps.
“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,” Happiest Minds said in a statement.
“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,” said Joseph Anantharaju, executive vice-chairman & CEO – product engineering services, Happiest Minds.
Venkatraman Narayanan, MD & CFO, Happiest Minds, said that SMI, with expertise in healthcare and talent pool in Madurai and Coimbatore, is well aligned with the company’s vision.
Shares of Happiest Minds closed down 1.67% at `861.80 on the BSE on Wednesday.