Happiest Minds Technologies Strengthens Edtech Vertical With Macmillan Learning India Acquisition
Happiest Minds Technologies on Saturday announced the acquisition of Macmillan Learning India Private Limited. The acquisition, valued at Rs 4.5 crore, entails Happiest Minds obtaining 100 per cent equity interest in Macmillan Learning India, a wholly owned subsidiary of the globally renowned Macmillan group, USA.
Macmillan Learning India, established in September 2015, specialises in providing software development services to its parent company, the Macmillan group. Operating as an 'Offshore Development Centre,' Macmillan Learning India has seen steady growth, with a current turnover of Rs 9.25 crore and a net worth of Rs 4.45 crore.
The acquisition comes as a significant stride for Happiest Minds Technologies, as it not only strengthens the company's Edutech vertical but also solidifies its position as a strategic partner for the Macmillan group. With this transaction, Happiest Minds will purchase 1,00,000 equity shares of face value Rs 1 each from existing shareholders, thereby gaining complete ownership of Macmillan Learning India.
Over the past three fiscal years, Macmillan Learning India has demonstrated consistent performance, with turnovers of Rs 6.9 crore in FY 2022-23, Rs 5.5 crore in FY 2021-22, and Rs 5.3 crore in FY 2020-21.
The acquisition is slated for completion by 30 April 2024.
