Happiest Minds to acquire SMI via upfront, deferred equity for Rs 111 cr
Happiest Minds Technologies on Wednesday announced that it has signed an agreement to acquire Madurai-headquartered IT services company SMI through a combination of upfront and deferred equity consideration amounting to Rs 111 crore.
With 400 plus offshore-based employees, SMI (Sri Mookambika Infosolutions) has an annual revenue run rate of USD 9 million (over Rs 73 crore).
"Happiest Minds Technologies today announced the signing of definitive agreements to acquire 100 per cent of SMI - a Madurai-headquartered, profitable, IT services company through a combination of upfront and deferred equity consideration totalling Rs 111 crore," the company said in a statement.
SMI provides product engineering services to its US customers around enterprise applications and integrations, digital data platform services (analytics, data strategy, Artificial Intelligence/Machine Learning, User Experience) and mobility services.
It has, over the years, built deep domain expertise around the healthc