Happiest Minds Technologies on Thursday said it was acquiring US-based Aureus Tech Systems for an upfront cash consideration of USD 8.5 million, with additional earn-outs based on performance. The deal is expected to close by the end of June 2024.
Denver-based Aureus Tech Systems, specialises in Azure native digital product engineering services, has established itself as a noted partner in the insurance and healthcare industries. The company’s growth over the past three years is reflected in its revenues, which grew from USD 5.6 million in 2021 to USD 8.3 million in 2023. Aureus operates a development centre in Hyderabad, India and maintains a presence in Canada.
This acquisition is particularly strategic for Happiest Minds Technologies as it looks to deepen its expertise and customer base in the BFSI and healthcare sectors. Aureus’s is a Microsoft Certified Gold & Co-sell Partner for Digital & App Innovation (Azure), a synergy that Happiest Minds will look to capitalise on.
In a statement, Venkatraman Narayanan, Managing Director and 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.”
Recently, Happiest Minds reported its Q4 FY24 results, which saw a 24.8 per cent year-on-year (YoY) growth in net profit at Rs 71.98 crore for the fourth quarter ending March 2024 from Rs 57.66 crore in the year-ago period. Revenue from operations grew 10.4 per cent to Rs 417.29 crore YoY and 1.8 per cent growth quarter-on-quarter (QoQ) from Rs 409.88 crore in the December quarter.
