Happiest Minds rules out job cuts after merger with ITC Infotech
Addressing a press conference after the merger announcement, top executives of the Bengaluru-based firm said that the ITC leadership has specifically stipulated the continuity of the entire workforce and leadership team. The management highlighted that both companies are currently operating at high utilisation levels - ITC Infotech at 83-84% and Happiest Minds at 80% - leaving little room for…
Happiest Minds Technologies has assured that no job cuts will occur following its merger with ITC Infotech. The company's management emphasized that the merger is driven by a desire for talent and deep capabilities in digital data, cybersecurity, and AI rather than cost rationalization. ITC leadership explicitly stated that the entire workforce and leadership team will remain unchanged.
At the press conference, Happiest Minds CEO Joseph Anantharaju reiterated that the combined entity will continue to prioritize building more capabilities, especially in the AI domain. Both companies are currently operating at high levels of utilization - ITC Infotech at 83-84% and Happiest Minds at 80% - making headcount reduction impractical.
ITC Infotech, a subsidiary of ITC Ltd, will acquire a 22.1% stake in Happiest Minds for approximately Rs 1,330 crore. The merged entity, with over 19,000 professionals, will offer end-to-end solutions in build, intelligence, and operations, targeting verticals like hi-tech, healthcare, and edtech.
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