Happiest Minds to acquire SMI for upfront, deferred equity consideration of ₹111 crore

Happiest Minds Technologies on Wednesday announced that it has signed an agreement to acquire Madurai-headquartered IT services company SMI through a combination of upfront and deferred equity consideration amounting to Rs 111 crore. With 400 plus offshore-based employees, SMI (Sri Mookambika Infosolutions) has an annual revenue run rate of USD 9 million (over Rs 73 crore).

"Happiest Minds Technologies today announced the signing of definitive agreements to acquire 100 per cent of SMI - a Madurai-headquartered, profitable, IT services company through a combination of upfront and deferred equity consideration totalling Rs 111 crore," the company said in a statement.

SMI provides product engineering services to its US customers around enterprise applications and integrations, digital data platform services (analytics, data strategy, Artificial Intelligence/Machine Learning, User Experience) and mobility services.

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

Certified as 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 statement said.

Joseph Anantharaju, Executive Vice Chairman and CEO - Product Engineering Services, Happiest Minds Technologies, 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".

"Working together we seek to go deeper into the healthcare vertical," Anantharaju added.

SEE ALSO:
Cipla Q3 net profit rises 7% to ₹808 crore
The IIT-Startup working to end manual scavenging in India wins big on Shark Tank