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With over 400 offshore-based employees, SMI has an annual run rate in revenues of $9 million, according to an exchange filing. SMI provides product engineering services to its US customers around enterprise applications and integrations, digital data platform services, mobility services and DevSecOps.
SMI delivers its engagements through agile delivery leveraging mature and industry-standard software engineering and development practices. The target company has over the years built deep domain expertise around the healthcare vertical, the filing added.
“SMI brings in deep domain capabilities, which add to our healthcare vertical strengths and align very well with our product engineering services business unit. Working together we seek to go deeper into the healthcare vertical,” said Joseph Anantharaju, executive vice chairman & CEO-product engineering services, Happiest Minds Technologies.
The acquisition also expands Happiest Minds' talent pool in locations like Madurai and Coimbatore. The all-cash deal is seen to be completed before February.
Last week, Happiest Minds reported a net profit of Rs 57 crore for the quarter ended December 31, 2022. This is nearly 18% growth, compared with Rs 48.8 crore reported in the year-ago quarter.
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Revenues during the quarter rose 29% to Rs 366 crore as against Rs 283 crore in the corresponding quarter of previous year.
Happiest Minds, a digital transformation IT consulting & services company focusing on big data, analytics, cloud, mobility & security, was founded in 2011. The company was listed on stock exchange in September 2020.
Happiest Minds is led by the IT industry veteran, Ashok Soota, who was also one of the cofounders of Mindtree Ltd.
The company claims to be 97% digital and 93% “agile”.