Happiest Minds to swallow Aureus Tech for $8.5m

• Acquisition to strengthen Happiest Minds’ domain capabilities in the insurance and re-insurance, healthcare, and life sciences verticals, as well as its product and digital engineering services business.

Bengaluru-based Happiest Minds Technologies Limited has signed definitive agreements to acquire 100 per cent of US-based Azure native digital product engineering company, Aureus Tech Systems LLC for about $8.5 million.

Aureus is a 150-person company headquartered in Denver, Colorado, with a development centre in Hyderabad. The deal is expected to be completed by June 2024.

This is the third acquisition by Happiest Minds in FY25. In April, it acquired PureSoftware Technologies for $94.5 million and Macmillan Learning India for Rs4.5 crore.

“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 Infrastructure, Security, Automation, Analytics and GenAI offerings to Aureus’ customers to accelerate Happiest Minds’ growth,” Joseph Anantharaju, Executive Vice Chairman, Happiest Minds, said.

Strong organic growth

The company said the acquisition aims to strengthen Happiest Minds’ domain capabilities in the insurance and re-insurance, healthcare, and life sciences verticals, as well as its product and digital engineering services (PDES) business.

Ashok Soota, Executive Chairman, Happiest Minds, said, last week that they are on course towards accomplishing their long-term vision of $1 billion in revenues by FY31.

“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,” Venkatraman Narayanan, Managing Director & CFO, Happiest Minds, said.

Abhishek Pakhira, CEO of Aureus Business, said that technology services providers need to combine the understanding of market problems with 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.”