IT services firm Happiest Minds Technologies has signed a definitive agreement to acquire 100 per cent of Sri Mookambika Infosolutions (SMI), a Madurai-headquartered IT services company, through a combination of upfront and deferred equity consideration totaling ₹111 crore.

With over 400 offshore-based employees, SMI has an annual run rate in revenues of circa $9 million, said the company. SMI provides product engineering services to its US customers around enterprise applications and integrations, digital data platform services (analytics, data strategy, AI/ML, user experience), mobility services, and DevSecOps.

Joseph Anantharaju, Executive Vice-Chairman & CEO, Product Engineering Services, Happiest Minds Technologies, said “We are excited to have the SMI team of over 400 join the Happiest Minds family. SMI brings in deep domain capabilities which add to our healthcare vertical strengths and align very well with our Product Engineering Services business unit. Working together we seek to go deeper into the healthcare vertical.”

SMI delivers its engagements through agile delivery leveraging mature and industry-standard software engineering and development practices. The company has over the years built deep domain expertise around the healthcare vertical, she said

Venkatraman Narayanan, Managing Director and CFO, of Happiest Minds Technologies, said: “SMI with expertise in healthcare and a vibrant talent pool in the burgeoning Tier-2 locations of Madurai and Coimbatore, is well aligned with our vision. Over the years SMI has built a strong profitable enterprise and we are extremely pleased to welcome them to the Happiest Minds family.”

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