Tuesday, September 26, 2023

Happiest Minds acquires SMI for a pre-deferred share consideration of ₹111 crore

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Happiest Minds Technologies announced on Wednesday that it has signed an agreement to acquire the Madurai-based IT services company SMI through a combination of an upfront payment and a deferred consideration in equity in the amount of Rs 111 crore. With more than 400 offshore-based employees, SMI (Sri Mookambika Infosolutions) has an annual turnover of USD 9 million (more than Rs 73 crore).

“Happiest Minds Technologies today announced the signing of definitive agreements to acquire 100 percent of SMI – a Madurai-based profitable IT services company through a combination of upfront payments and deferred share payments totaling Rs 111 crore,” the company said in a statement. statement .

SMI provides product engineering services to its US customers around enterprise applications and integrations, digital data platform services (analysis, data strategy, artificial intelligence/machine learning, user experience) and mobility services.

It has built up deep domain expertise around the healthcare vertical over the years.

Certified as a CMMI Level 3 and ISO 9001:2015 company, SMI delivers its assignments through flexible delivery using mature and industry-standard software engineering and development practices, the statement said.

Joseph AnantharajuExecutive Vice Chairman and CEO – Product Engineering Services, Happiest Minds Technologies, said, “SMI brings deep domain capabilities, which contribute to our healthcare vertical strengths and are very well aligned with our Product Engineering Services business unit.”

“By working together, we are trying to dig deeper into vertical healthcare,” added Anantharaju.

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