On Thursday, IT company Happiest Minds Technologies announced that its wholly-owned American subsidiary, Happiest Minds Inc., has finalized an agreement to acquire a 100% stake in US-based Aureus Tech Systems LLC. As per regulatory filing, the acquisition is valued at an upfront cash consideration of USD 8.5 million (approximately Rs 71 crore), with additional earn-outs based on performance. The completion of this acquisition, subject to regulatory approvals, is anticipated by June 2024, providing a clear timeline for the integration process.
Joseph Anantharaju, Executive Vice Chairman at Happiest Minds, expressed his excitement about the acquisition, stating, “Aureus’s integration into our BFSI and Healthcare Industry Groups not only enhances our value proposition in these verticals but also significantly contributes to our new customer acquisition initiatives. We are excited about the potential to cross-sell and up-sell infrastructure, security, automation, analytics, and GenAI offerings to Aureus’s customers. We believe this move will accelerate Happiest Minds’ growth and bring added value to Aureus’s existing customer base.”
Headquartered in Denver, Colorado, Aureus is a technology solutions provider with US, Indian, and Canadian operations. In CY2023, Aureus reported a turnover of USD 8.3 million (approximately Rs 69 crore).
Venkatraman Narayanan, Managing Director and Chief Financial Officer of Happiest Minds expressed his optimism about the company’s future, reiterating the company’s commitment to robust organic growth. He anticipates a blend of organic growth, including consolidation play with existing marquee customers like Macmillan Learning and inorganic growth through acquisitions such as Pure Software and now Aureus. “Aureus brings us a strong brand recall in the insurance/reinsurance space, providing access to a market leader with a compelling value proposition and a strategic presence in the customer’s long-term imperatives,” he added, underlining the positive impact this will have on Happiest Minds’ future and the security it provides to our employees.