Shares of Happiest Minds Technologies surged more than 4% on 3 February after the company announced acquiring a 100% stake in GAVS Technologies’ Middle East business.
Backed by Kedaara Capital, GAVS Technologies is a New Jersey-based IT company that offers digital product engineering, AI-led managed services, and digital transformation services to clients in the healthcare, BFSI, and hi-tech industries.
As part of the $1.7 million cash agreement, InnovazIT Technologies LLC (Dubai), GAVS Technologies LLC (Oman), and GAVS Technologies Saudi Arabia are being acquired.
Happiest Minds said the move intends to strengthen the company’s presence in the Middle East by bringing together seasoned delivery teams, securing significant contracts, and strengthening existing client connections.
Large enterprises in the banking, financial services, and insurance (BFSI) sector are primarily served by the acquired companies, which focus on infrastructure support, application development, and maintenance.
The acquisition is expected to increase the company’s capabilities and market reach in a rapidly growing region, with the acquired activities generating an estimated $6.4 million in annual revenues, the company said in an exchange filing.
Subject to regulatory permissions and necessary Reserve Bank of India (RBI) filings, the business estimates that the deal will be finished by 15 March 2025.
At 3:30 pm, the shares of Happiest Minds closed 2.54% higher at Rs 714 on NSE.
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