Through this acquisition, Happiest Minds strengthens its domain capabilities in the insurance and reinsurance, healthcare, and life sciences verticals, as well as its strong product and digital engineering services (PDES) business.
India, May 9, 2024: Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, Mindful IT Company, today announced it signed definitive agreements to acquire 100% membership interests of USA-based Azure native digital product engineering company Aureus Tech Systems LLC (“Aureus”).
Aureus is a niche Azure-native digital product engineering company focused on digital transformation using data, AI, and application modernization. The 150-person company, headquartered in Denver, Colorado, with a development center in Hyderabad, partners with Fortune 500 companies, including global insurance and reinsurance providers and healthcare and life sciences enterprises, in their cloud transformation journeys. As a Microsoft Certified Gold and Co-sell Partner for Digital and App Innovation (Azure), Aureus delivers bespoke cloud and AI-based transformation solutions, underpinned by a blend of domain expertise and industry acumen.
Through this acquisition, Happiest Minds strengthens its domain capabilities in the insurance and reinsurance, healthcare, and life sciences verticals, as well as its strong product and digital engineering services (PDES) business.
Joseph Anantharaju, Executive Vice Chairman, Happiest Minds, said, “I am delighted to welcome Aureus’ team to the fast-growing Happiest Minds family. Aureus strengthens our BFSI and Healthcare Industry Groups, enhances our value proposition in these verticals, and contributes to our new customer acquisition initiatives. We are excited at the potential to cross-sell and up-sell our infrastructure, security, automation, analytics, and GenAI offerings to Aureus’s customers to accelerate Happiest Minds’ growth.”
Venkatraman Narayanan, Managing Director & CFO, Happiest Minds, said, “We are in a very exciting phase and are looking forward to a great showing in FY25, which will be a mix of strong organic growth, including consolidation play with existing marquee customers like Macmillan Learning, and inorganic growth through the acquisition of PureSoftware and now Aureus. Aureus gets us a strong brand recall in the insurance/reinsurance space with access to a market leader with a compelling value proposition and a strategic presence in the customer’s long-term imperatives.”
Abhishek Pakhira, CEO of Aureus Business, said, “There is a significant shift in how insurance and healthcare providers are looking at their businesses; we are seeing a secular trend of developing and executing on a digital transformation roadmap that helps them transform into tech-enabled services companies. Now more than ever, technology service providers need to combine their understanding of market problems with their technology intensity to deliver business outcomes. We strongly believe that the deep digital native capabilities of Happiest Minds and its scale will help us solve bigger problems for this industry group. Everyone in the Aureus family is excited about the journey.”
EY acted as the exclusive financial advisor to the sellers of Aureus Tech Systems, LLC.
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