Happiest Minds Technologies’ wholly-owned subsidiary has announced its plans to acquire a 100% stake in the US-based digital product engineering firm Aureus Tech Systems for a total consideration of $8.5 million. 

The transaction is likely to be completed by the end of June this year, and the company will pay an upfront cash consideration of $8.5 million. 

This deal will strengthen the company’s domain capabilities in banking, insurance, healthcare and life sciences, and financial services verticals while also providing access to a set of its star customers. 

Joseph Anantharaju, executive vice-chairman of Happiest Minds, said, “Aureus strengthens our BFSI and healthcare industry groups, enhances our value proposition in these verticals and contributes to our new customer acquisition initiatives. We are excited at the potential to cross-sell and up-sell Infrastructure, Security, Automation, Analytics and GenAI offerings to Aureus’s customers to accelerate Happiest Minds’ growth.”

In its quarterly report for January-March, the company reported a 25% year-on-year increase in its net profit to Rs 72 crore and a 10.4% YoY growth in revenue to Rs 417 crore for the quarter. 

At 3:30 pm, the shares of Happiest Minds Technologies closed 1.59% lower at Rs 809 on NSE.