IT company Happiest Minds Technologies Ltd on Wednesday announced that it has signed an agreement to acquire 100 percent equity in Sri Mookambika Infosolutions (SMI), a Madurai-headquartered company, for Rs 111 crore. 

The acquisition was supported by Ernst & Young on the advisory side.

SMI provides product engineering services to its US customers around Enterprise Applications & Integrations, digital data platform services (Analytics, Data Strategy, AI / ML, User Experience), Mobility Services and DevSecOps. 

Certified as a CMMI Level 3 and ISO 9001:2015 company, SMI delivers its engagements through agile delivery leveraging mature and industry-standard software engineering and development practices. In addition, the company has, over the years, built deep domain expertise around the healthcare vertical. 

With 400+ offshore-based employees, SMI has an annual run rate in revenues of US$ 9 Million.

“We are excited to have the SMI team of 400+ join the Happiest Minds family. 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 at Happiest Minds Technologies.

 In November 2022, the company inaugurated a new development centre at Bhubaneswar. The development comes as part of its long-term investment plans for expanding its presence. The new infrastructure continues the trend of IT spending concentrating towards Tier-II cities, leveraging the workforce available in the regions.