The shares of IT firm, specializing in delivering innovative solutions in areas like cloud, AI, IoT, cybersecurity, and automation, jumped upto 4 percent following the Share Purchase Agreement with Gavs Technologies Limited.
Price action
With a market capitalization of Rs. 10,485 crores on Monday, the shares of Happiest Minds Technologies Ltd jumped upto 4 percent making a high of Rs. 727 per share compared to its previous closing price of Rs. 696.30 per share.
What Happened
Happiest Minds Technologies Ltd specializing in delivering innovative solutions in areas like cloud, AI, IoT, cybersecurity, and automation has executed Share Purchase Agreements with Gavs Technologies Limited to acquire 100 percent of its business interests in the Middle East, including InnovazIT Technologies LLC (Dubai), Gavs Technologies LLC (Oman), and Gavs Technologies Saudi Arabia for Telecommunications and IT (Saudi Arabia).
This acquisition aims to strengthen the company’s presence in the Middle East by consolidating existing customer relationships, and contracts along with a delivery team and consolidate the company’s business presence in the Middle East.
The cost of acquisition is valued at US$ 1.7 million and is expected to be completed by March 15, 2025. On completion of the transaction, the Company will own 100 percent of ownership and business interest of GAVS Technologies in the Middle East.
About the Company
Happiest Minds Technologies Ltd is a leading next-generation digital transformation, IT, and product engineering services company. With a strong focus on creating intelligent digital experiences, the company helps clients across industries such as banking, healthcare, retail, and manufacturing to accelerate their digital journey.
Revenue by Business unit
As of November 2024, the revenue by a business unit of the company is as follows: Product & Digital Engineering Services contributes 79.2 percent to the Revenue, Infrastructure Management and Security Services 14.4 percent, Generative AI Business Solutions 1.5 percent, and other units provide the rest 4.9 percent.
Financials
The company’s revenue rose by 27.9 percent from Rs. 428.17 crore to Rs. 548.67 crore in Q3FY24-25. Meanwhile, Net profit reduced from Rs. 58.46 crores to Rs. 49.52 crores in Q3FY24-25.
Written by Sridhar J
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