IT Services Firm Happiest Minds Actively Scouting for Acquisitions in US

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With the business on track to break-even in FY16, IT services firm Happiest Minds is now actively scouting for acquisitions to further boost its growth. Salil Godika, chief strategy and marketing officer, Happiest Minds told ET, “The theme for this year will be acquisitions. We have grown organically for three-four years and now this is phase two of our two phase journey leading up to an IPO.”

The company had said that it would go in for a public offering six-seven years after its launch. He added, “We will be looking to acquire skills in specific areas of expertise. The acquisition would likely happen in the US or UK, and the company could possibly have an India footprint.”

The US market contributes 65% of the India headquartered firm’s revenues, with the UK and India contributing about 20 and 10% respectively.

At the same time, the company will continue to grow organically, strengthening its pres ence in newer markets like Australia and the Middle East.At present, Happiest Minds has a strong presence in the consumer space, working in areas like retail and consumer banking, as well as high tech manufacturing.

“We are seeing deep traction in the Internet of Things and analytics space,” said Godika.

Set up in 2011 by Ashok Soota and a group of former Mindtree employees, Happiest Minds recently achieved a revenue run rate of $60million.

We raised $52.5 million when we started out and now that we’ve achieved breakeven we don’t really need more money. However, we may look at raising funds if we are doing an acquisition that requires it,” said Godika.

Published In : The Economic Times

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