Khaitan & Co Advised Happiest Minds Technologies On USD 94.5 Million Acquisition Of PureSoftware Technologies
Khaitan & Co Advised Happiest Minds Technologies On USD 94.5 Million Acquisition Of PureSoftware Technologies
Khaitan & Co advised Happiest Minds Technologies Limited on its acquisition of PureSoftware (Puresoftware Technologies Private Limited) equity share capital, a transaction valued at USD 94.5 million (approximately Rs 779 crore).
The deal comprises a payment of Rs 635 crore upon closing and a deferred component of up to Rs 144 crore, contingent on meeting specific performance targets by the end of fiscal 2025.
This strategic acquisition aims to bolster Happiest Minds' domain expertise in Banking, Financial Services, Insurance (BFSI), as well as healthcare and life sciences. PureSoftware, with its workforce of 1,200 employees, is expected to enhance the capabilities and service offerings of Happiest Minds' Product & Digital Engineering Services Business Unit.
PureSoftware reported a revenue of USD 43 million in fiscal 2024. In addition to strengthening its presence in the US, UK, and India, this acquisition will also grant Happiest Minds a near-shore presence in Mexico, alongside offices in Singapore, Malaysia, and Africa.
PureSoftware Partners with Global Enterprises across various verticals, including BFSI, healthcare and life sciences, retail and logistics, and gaming and entertainment. It also boasts a banking-as-a-service platform, ‘Arttha’.
The deal was led by a team from Khaitan & Co, comprising Senior Partner Rajiv Khaitan, Counsel Hardik Bhatia, Senior Associates Nishant Mathews and Vivek Narayan, and Associates Rhythm Chopra and Rashi Rawat.
They were additionally supported by Partner Anisha Chand, offering expertise in Competition Law matters, Partner Vinay Joy, on Employment-related aspects, and Partner Thomas George, on Securities Law related aspects of the transaction.
