Happiest Minds to acquire SMI via upfront, deferred equity for Rs 111 cr

Happiest Minds Technologies on Wednesday announced that it has signed an agreement to acquire Madurai-headquartered IT services company SMI through a combination of upfront and deferred equity consideration amounting to Rs 111 crore.

With 400 plus offshore-based employees, SMI (Sri Mookambika Infosolutions) has an annual revenue run rate of USD 9 million (over Rs 73 crore).

“Happiest Minds Technologies today announced the signing of definitive agreements to acquire 100 per cent of SMI – a Madurai-headquartered, profitable, IT services company through a combination of upfront and deferred equity consideration totalling Rs 111 crore,” the company said in a statement.