Happiest Minds Technologies has announced its merger with ITC Infotech India Limited, creating a new entity expected to achieve US$1 billion in annual revenue by FY28. This strategic combination aims to form a scaled, Al First global technology services enterprise, enhancing capabilities in AI, digital engineering, cloud, and cybersecurity. The merger is subject to regulatory approvals and is anticipated to be completed within 15 months.
Happiest Minds Technologies and ITC Infotech Announce Merger
Happiest Minds Technologies Limited has signed definitive agreements to merge with ITC Infotech India Limited. This strategic combination is poised to create a formidable Al First, customer-centric global technology services enterprise. The combined entity is projected to achieve US$1 billion in annual revenue by FY28, supported by a workforce of over 19,000 professionals and operations spanning more than 30 countries.
Strategic Rationale and Combined Strengths
The merger brings together two organizations with complementary strengths, aiming to accelerate Al-led transformation for enterprises. Happiest Minds contributes its expertise in Al, digital engineering, cloud, data, and cybersecurity, while ITC Infotech offers deep experience in enterprise transformation, SAP, PLM, cloud, and Industry 4.0 solutions. The combined company will offer a comprehensive Al First, Agile Always Platform, enhancing scale and capabilities across the enterprise technology value chain.
Transaction Details and Future Outlook
As part of the transaction, ITC Infotech will acquire a minority stake of approximately 22.1% in Happiest Minds for a total consideration of ₹1,330 crore. The merger will be executed through a share swap, where Happiest Minds’ equity shareholders will receive 25 shares of ITC Infotech for every 81 shares they hold. ITC Limited will become the promoter of the merged company with a 73.4% stake. The transaction is expected to be completed within the next 15 months, subject to customary statutory, shareholder, and regulatory approvals.
Leadership Perspectives
Ashok Soota, Chairman & Chief Mentor of Happiest Minds Technologies, expressed his delight, stating that Happiest Minds will become an integral part of a larger organization, aligned on values and a shared vision. Sanjiv Puri, Chairman of ITC Limited & ITC Infotech, highlighted the enhancement of their ability to deliver cutting-edge solutions and the importance of shared values. Joseph Anantharaju, co-chairman & CEO of Happiest Minds, emphasized the creation of a future-ready technology services organization and a stronger platform for long-term growth.
Source: BSE
