Happiest Minds' US-based subsidiary to acquire 100% stake in Aureus Tech for USD 8.5 mn

New Delhi: IT company Happiest Minds Technologies on Thursday said its wholly-owned American subsidiary Happiest Minds Inc. has executed an agreement to acquire 100 per cent stake in US-based Aureus Tech Systems LLC.

According to a regulatory filing, the acquisition, which is valued at an upfront cash consideration of USD 8.5 million (about Rs 71 crore) and earn-outs based on performance, is expected to be completed by June 2024.

"Aureus strengthens our BFSI and Healthcare Industry Groups, enhances our value proposition in these verticals and contributes to our new customer acquisition initiatives. We are excited at the potential to cross-sell and up-sell infrastructure, security, automation, analytics and GenAI offerings to Aureus's customers to accelerate Happiest Minds' growth," Joseph Anantharaju, Executive Vice Chairman at Happiest Minds, said.

Headquartered in Denver (Colorado), Aureus is a technology solutions provider with a presence in the US, India and Canada. It clocked a turnover of USD 8.3 million (about Rs 69 crore) in CY2023.

Happiest Minds Managing Director and Chief Financial Officer Venkatraman Narayanan said the company looks forward to a great showing in FY25, which will be a mix of strong organic growth, including consolidation play with existing marquee customers like Macmillan Learning and inorganic growth through the acquisition of PureSoftware and now Aureus.

"Aureus gets us a strong brand recall in the insurance/reinsurance space with access to a market leader with a compelling value proposition and a strategic presence in the customer's long-term imperatives," he said.