Happiest Minds Tech Q4 Profit Rises 25%, Makes 3rd Acquisition for USD 8.5 Mn Following the results, Ashok Soota, Chairman of Happiest Minds, stated that FY25 is anticipated to be the best since the company's September 2020 IPO.
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On May 6, 2024, Happiest Minds Technologies released their Q4 results. YoY, the profit grew by 24.84% and the topline by 10.4%. The profit climbed by 20.73%, and revenue increased by 1.81% from the previous quarter.
Selling, general, and administrative costs climbed by 18.85% year over year and by 0.53% quarter over quarter.
Operating income climbed by 2.57% year over year and by 21.01% quarter over quarter.
For Q4, the EPS improved by 4.05% year over year to INR 4.14.
In addition, the firm announced on Thursday that it has signed definitive agreements to acquire a 100% stake in US-based digital product engineering company Aureus Tech Systems from its existing shareholders for USD 8.5 million, or around INR 71 crore, in cash consideration.
Through this acquisition, Happiest Minds strengthens its domain capabilities in insurance and reinsurance, healthcare and life sciences verticals, and product and digital engineering services (PDES) businesses.
With the announcement of the acquisitions of Macmillan Learning India and PureSoftware Technologies in April, this marks the company's third acquisition of 2024–25.
With a development center in Hyderabad, Aureus is a niche native of Microsoft Azure cloud computing services, specialising in digital and cloud transformation through the use of data, artificial intelligence, and application modernization.
It is anticipated that the acquisition will be finished by the end of June 2024.
Aureus, which is presently based in the US, India, and Canada, had revenues of USD 8.3 million in 2023, USD 7.0 million in 2022, and USD 5.6 million in 2021 over the previous three calendar years.
Happiest Minds will acquire Aureus, a company founded in 2008 with over 150 people and a leadership team of professionals of Indian descent. Happiest Minds will continue to employ its CEO, Abhishek Pakhira, to oversee Aureus as a unit.
Abhishek Pakhira, CEO of Aureus Business, said, "There is a significant shift in how insurance and healthcare providers are looking at their businesses; we are seeing a secular trend of developing and executing on a digital transformation roadmap that helps them transform into tech-enabled services companies. Now more than ever, technology service providers need to combine the understanding of market problems with technology intensity to deliver business outcomes."
