Happiest Minds, ITC Infotech aim over $1B revenue by FY28
Happiest Minds Technologies and ITC Infotech are joining forces, aiming to hit over $1 billion in revenue by FY28.
Their merger will blend ITC Infotech's know-how in SAP, ERP, and manufacturing tech with Happiest Minds' focus on AI, cybersecurity, and digital engineering, so they can take on bigger projects and ramp up their AI investments.
ITC Infotech buys 22% at ₹395
ITC Infotech is picking up a 22% stake in Happiest Minds at ₹395 per share, while public shareholders will receive ITC Infotech shares through a share swap that values Happiest Minds at ₹405 per share.
After the deal, ITC Infotech will own close to 74% of the merged company but still keep at least 25% public ownership.
Discussions on integration structure would begin roughly two months after that approval, with both companies working toward their goals in the meantime.