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Happiest Minds acquires Madurai based IT services firm SMI for Rs 111 crore

Happiest Minds acquires Madurai-based IT services firm SMI for Rs 111 crore

Happiest Minds acquires Madurai-based IT services firm SMI for Rs 111 crore
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By Jomy Jos Pullokaran  Jan 25, 2023 5:23:02 PM IST (Published)

Shares of Happiest Minds Technologies Ltd ended at Rs 865.95, down by Rs 10.50, or 1.52 percent on the BSE.

IT company Happiest Minds Technologies Ltd on Wednesday, January 25, said it has acquired 100 percent equity in Sri Mookambika Infosolutions (SMI), a Madurai-headquartered company, for Rs 111 crore.

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The company in an exchange filing said, "Happiest Minds Technologies Ltd today announced the 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 totalling Rs 111 crore."

With 400-plus offshore-based employees, SMI has an annual run rate in revenues of circa $9 million. 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, the company said.

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.

Executive Vice Chairman and CEO of Product Engineering Services, Happiest Minds, Joseph Anantharaju said SMI brings in deep domain capabilities which add to our healthcare vertical strengths and align very well with our product engineering services business unit.

The acquisition was supported by Ernst & Young on the advisory side, it said.

Venkatraman Narayanan, Managing Director and CFO of 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 their vision.

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