Happiest Minds to acquire Aureus Tech for $8.5 million
Happiest Minds Technologies will acquire a 100% stake in Aureus Tech Systems, a US-based digital product engineering company, for $8.5 million or approximately Rs 71 crore by the end of June 2024.
Through this acquisition, Happiest Minds aims to strengthen its domain capabilities in insurance, healthcare and life sciences, as well as its product and digital engineering services business, the company said in a press release. Joseph Anantharaju, executive vice-chairman of Happiest Minds, said: “Aureus strengthens our BFSI (banking, financial services, and insurance) and healthcare industry groups, enhances our value proposition in these verticals, and contributes to our new customer acquisition initiatives. We are excited about the potential to cross-sell and up-sell infrastructure, security, automation, analytics, and GenAI (generative AI) offerings to Aureus’s customers to accelerate Happiest Minds’ growth.
Aureus provides customised transformation solutions based on cloud and AI technologies. Further, the company reported a consolidated turnover of $8.3 million in 2023.
This is Happiest Minds’ third acquisition in financial year 2025, followed by PureSoftware Technologies and Macmillan Learning India that were acquired for for about Rs 784 crore and Rs 4.5 crore, respectively.
In a recent briefing, the company had said the recent acquisitions of Pure Software and Macmillan Learning India will likely reduce the company’s Ebitda margin or operating margin in the range of 20%-22% in FY25 from 24.6% reported in FY24.
while both the companies that we have acquired are cash effective, they are profitable, they are synergistic. It will take a while to catch up from an operating margin perspective. And the fundamental gross margin of the business, we are not seeing any dilution, the company’s management said.
