Happiest Minds to Merge with ITC Infotech Creating $1B Enterprise
BENGALURU, India and SEATTLE and LONDON — In a significant move to solidify its position in the global technology services market, Happiest Minds Technologies Limited has announced its merger with ITC Infotech India Limited, creating a scaled, AI-first global technology services enterprise with an estimated revenue of $1 billion by fiscal year 2028.
The combined entity will leverage a portfolio that spans AI, digital engineering, cloud, data, cybersecurity, consulting, and industry-specific technology solutions. According to the companies, the merger will unite Happiest Minds' strengths in AI, digital engineering, cloud, data, analytics, and cybersecurity with ITC Infotech's deep expertise in enterprise transformation, SAP, product lifecycle management (PLM), cloud, and industry-specific technology solutions.
"As part of the transaction, ITC Infotech will acquire a minority stake of approximately 22.1% in Happiest Minds from the promoters across two tranches for a total consideration of ₹1,330 crore (approximately $173 million at the current exchange rate)," said Ashok Soota, Chairman & Chief Mentor of Happiest Minds Technologies Limited. "The combined company will have a robust platform with over 19,000 employees serving more than 800 customers in over 30 countries."
Sanjiv Puri, Chairman of ITC Limited and ITC Infotech, added, "Today marks a significant milestone in the journey towards Happiest Minds becoming an integral part of ITC Infotech, subject to regulatory approvals. The merging of our complementary strengths and future-ready capabilities will enable us to deliver cutting-edge solutions across geographies."
Joseph Anantharaju, co-chairman & CEO of Happiest Minds, highlighted the strategic rationale, stating, "The merger brings together complementary strengths towards creating a future-ready technology services organization. Combining our expertise across AI, digital, cloud, data, cybersecurity, product engineering, and enterprise platforms with those of ITC Infotech will enable us to deliver greater value to customers and accelerate growth in high-demand industry groups."
Venkatraman Narayanan, Managing Director of Happiest Minds, emphasized the financial and cultural alignment, saying, "This transaction reflects a shared commitment to strong corporate governance, financial prudence, and long-term value creation. ITC Infotech's financial strength, scale, and stability, along with Happiest Minds' people-centric values, entrepreneurial energy, and customer-first mindset, will drive long-term growth and global scale."
The combined company expects to unlock significant growth opportunities through cross-selling AI, cloud, cybersecurity, SAP, engineering, and infrastructure services across a combined client base of more than 800 customers. They also aim to expand proprietary platforms and industry solutions into new markets and geographies, and accelerate the adoption of generative and agentic AI solutions across industries.
The merger is subject to the satisfaction of customary statutory, shareholder, and regulatory approvals, including those from the Competition Commission of India, relevant stock exchanges, and the National Company Law Tribunal. The companies anticipate the transaction to be completed within the next 15 months.
"Both Happiest Minds and ITC Infotech share a commitment to innovation, agility, and customer-centricity," said Anantharaju. "Together, we are building a stronger platform for long-term growth and global scale, with a clear vision of becoming the most trusted AI-first transformation partner globally."
The combined entity will be listed on relevant stock exchanges post receipt of all approvals, positioning itself to capture significant opportunities in AI-led transformation.