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ITC to Merge Happiest Minds, Creating Tech Giant
1 Sep
Summary
- ITC Infotech acquires a 22.1% stake in Happiest Minds for Rs 1,329.72 crore.
- The merged entity will aim for $1 billion revenue by FY28.
- The combination aims to create a scaled, AI-first technology services enterprise.
ITC Infotech has announced plans to acquire a 22.1% stake in Happiest Minds Technologies from its founder, Ashok Soota, for Rs 1,329.72 crore. The acquisition will occur in two tranches, with shares purchased at Rs 390 and Rs 400 respectively.
Following the stake acquisition, Happiest Minds is slated for amalgamation with ITC Infotech, pending shareholder and regulatory approvals. This merger is projected to establish a substantial, future-ready, AI-first global technology services enterprise anticipated to achieve $1 billion in revenue by FY28.
The strategic combination will integrate Happiest Minds' expertise in digital product engineering, data, cybersecurity, and AI with ITC Infotech's capabilities in cloud, analytics, and SAP. This synergy is expected to enhance their ability to deliver comprehensive AI-led transformation services globally.
The merged entity will boast a workforce of approximately 19,000 employees and is poised to expand ITC Infotech's client base in the US across key sectors like BFSI, healthcare, technology, and edtech. The merged company is also proposed for listing on stock exchanges.
