IT services and consulting giant Happiest Minds Technologies is set to acquire Macmillan Learning India, which will become a wholly-owned subsidiary of the company. This transaction, which is set to conclude by the end of this month, involves a cash payment of Rs. 4.5 crores for 1,00,000 equity shares at Rs. 1 each.
Macmillan Learning India, established in September 2015, is an information technology entity focusing on software development services specifically for the Macmillan Group, a global leader in learning and education.
As of now, the company boasts a paid-up capital of Rs. 1 lakh, with a current turnover and net worth of Rs. 9.25 crores and Rs. 4.45 crores, respectively. The acquisition is not classified as a related party transaction, and no promoters or group companies are interested in Macmillan Learning India.
This strategic acquisition aligns with Happiest Minds' enhancement of its Edutech vertical, reinforcing its partnership with the Macmillan group. Over the past three years, Macmillan Learning India's turnover has shown consistent growth, reporting Rs. 6.9 crores in FY 2022-23, Rs. 5.5 crores in FY 2021-22, and Rs. 5.3 crores in FY 2020-21.
The company recently launched ‘hAPPI’, a generative AI-powered chatbot developed by its generative AI business services (GBS) unit for Happiest Health. The chatbot will engage with users in health and wellness knowledge conversations.
Read more: Data Science Hiring Process at Happiest Minds Tech
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