Happiest Minds to merge with ITC Infotech; promoters to sell 22.1% stake for Rs 1,330 crore

Happiest Minds Technologies has agreed to merge with ITC Infotech, a subsidiary of ITC Ltd, in a deal valued at Rs 1,330 crore. The merger will create a global technology services enterprise with an annual revenue of $1 billion by FY28. ITC Infotech will acquire a minority stake of 22.1% in Happiest Minds from its promoters across two tranches.

The new entity will have over 19,000 employees and serve 800 customers across several countries. The combined company will have complementary strengths in AI, digital engineering, cloud, data, analytics, and cybersecurity. It will also have deep expertise in enterprise transformation, SAP, PLM, cloud, Industry 4.0, and industry-specific technology solutions.

The transaction is expected to be completed within the next 15 months. Ashok Soota, Chairman and Chief Mentor, Happiest Minds, expressed optimism about the partnership with ITC Infotech. Sanjiv Puri, Chairman of ITC Ltd and ITC Infotech, highlighted the enhanced ability to deliver cutting-edge solutions across geographies. The combined company aims to capture significant opportunities from AI-led transformation and achieve $1 billion in annual revenue by FY28.