Happiest Minds Acquires Aureus Tech Systems For USD 8.5 Million By CIOTechOutlook Team

Happiest Minds Acquires Aureus Tech Systems For USD 8.5 Million

CIOTechOutlook Team | Thursday, 09 May 2024, 10:53 IST

Happiest Minds Technologies, an IT service management firm, said it has consented to definitive contracts to acquire a 100 percent stake in US-based Aureus Tech Systems from its current investors for $8.5 million, or around Rs 71 crore, in real cash consideration.

“Through this acquisition, Happiest Minds strengthens its domain capabilities in insurance & reinsurance, healthcare and life sciences verticals and product & digital engineering services (PDES) business,” the Bengaluru-based IT services firm said in a statement.

This is the organization's third procurement in 2024-25 up to this point, with two acquisitions of PureSoftware Technologies and Macmillan Learning India reported in April. Aureus, which has an improvement place in Hyderabad, is a specialty local of Microsoft's cloud computing platform Azure, centered on digital and cloud change utilizing information, artificial intelligence and application modernization.

“Aureus strengthens our BFSI and healthcare industry groups, enhances our value proposition in these verticals, and contributes to our new customer acquisition initiatives,” said Joseph Anantharaju, executive vice chairman at Happiest Minds. “We are excited at the potential to cross-sell and up-sell infrastructure, security, automation, analytics and GenAI offerings to Aureus’ customers to accelerate Happiest Minds’ growth.”

“There is a significant shift in how insurance and healthcare providers are looking at their business, we are seeing a secular trend of developing and executing on a digital transformation roadmap that helps them transform into tech-enabled services companies,” Pakhira said. “Now, more than ever, technology services providers need to combine the understanding of market problems with technology intensity to deliver business outcomes.”