ITC Infotech, a wholly owned subsidiary of ITC Limited and leading global technology services player, today announced proposed strategic combination with Happiest Minds Technologies Limited to create scaled, future-ready, AI-first global technology services enterprise. ITCI Board approved proposal to acquire 22.1% equity stake from promoter of Happiest Minds in two tranches under Share Purchase Agreement. Transaction would be funded through Rights Issue by ITC Infotech. ITCI Board has also approved proposed Scheme of Amalgamation of Happiest Minds with ITCI which will be effected after share acquisition. Pursuant to scheme, shares of ITCI will be listed on stock exchanges.
This strategic combination will synergistically blend ITCI's AI-led capabilities across Cloud, Data Analytics, PLM, SAP, enterprise transformation, industry-specific technology solutions and full-stack managed services together with Happiest Minds' strengths in build-led Digital Product Engineering, Data, Cybersecurity, and specialized AI expertise. Proposed combination will lead to step change in scale for ITCI, enhancing competitiveness to win large transformation-led mandates and augment capability in critical areas to effectively serve client base and address new value pools emerging with rapid adoption of AI across enterprises.
Combined entity will also lead to substantially enhanced presence in US markets as well as Banking, Financial Services and Insurance vertical. Further, key industry segments such as Healthcare, Hitech and Edutech would also get added to ITCI's portfolio. By adding marquee clients to ITCI's customer base, proposed combination will also unlock significant cross-selling & up-selling opportunities.
With combined global workforce of over 19,000 professionals, it will also deepen complementary capabilities to deliver full-stack value proposition for end-to-end solutions spanning Build, Intelligence, and Operations whilst expanding into high potential verticals including Hi-Tech, Healthcare and EdTech.
Sanjiv Puri, Chairman of ITC Limited and ITC Infotech, said, "Today marks important milestone in journey towards Happiest Minds becoming integral part of ITC Infotech, subject to receipt of regulatory approvals. Coming together of our complementary strengths, deep domain expertise and future-ready capabilities will further enhance ability to deliver cutting-edge solutions across geographies. I am particularly encouraged by shared values, people and customer-centricity that define our organisations."
Ashok Soota, Chairman & Chief Mentor, Happiest Minds Technologies, said "I am delighted that after completion of legal formalities, Happiest Minds will become important part of larger organization through amalgamation with ITC Infotech. Two organizations are aligned on values and shared vision for future. There is very significant complementarity in business portfolios which will ensure synergy."
Manas Chakraborty, MD & CEO, ITC Infotech, highlighted that "This combination is fundamentally about elevating value we deliver to customers. Integrating Happiest Minds' Digital Engineering, Data, AI, and Cybersecurity capabilities with our deep domain expertise, cloud and engineering capabilities will enable us to serve as full stack AI-led transformation partner."
About ITC Infotech
ITC Infotech is a leading global technology services and solutions provider, led by Business and Technology Consulting. ITC Infotech provides business-friendly solutions to help clients succeed and be future-ready, by seamlessly bringing together digital expertise, strong industry specific alliances and the unique ability to leverage deep domain expertise from ITC Group businesses. The company provides technology solutions and services to enterprises across industries such as Banking & Financial Services, Healthcare, Manufacturing, Consumer Goods, Travel and Hospitality, through a combination of traditional and newer business models, as a long-term sustainable partner.
About Happiest Minds Technologies Limited
Happiest Minds Technologies Limited is an AI First, customer-centric digital engineering company committed to delivering ‘Happiest People. Happiest Customers’. With an integrated approach that spans from chip to cloud, Happiest Minds delivers secure and scalable solutions across product engineering, cybersecurity, analytics, and automation platforms. Happiest Minds brings purpose and precision to every engagement, helping enterprises solve complex business challenges and fast-track their digital evolution across industry sectors such as Banking, Financial Services & Insurance(BFSI), EdTech, Healthcare & Life Sciences, Hi-Tech and Media & Entertainment, Industrial, Manufacturing, Energy & Utilities, and Retail, CPG & Logistics.
Happiest Minds has been honored by both the Golden Peacock Awards and the Institute of Company Secretaries of India (ICSI) for its exemplary Corporate Governance practices. Guided by its mission of ‘Happiest People. Happiest Customers’ and consistently recognized as a great place to work, Happiest Minds is headquartered in Bengaluru, India, with a global presence across the Americas, UK, Europe, Australia, the Middle East, Africa, and Asia.
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