Happiest Minds and ITC Infotech announce merger to create $1bn AI-first IT services firm

Happiest Minds Technologies and ITC Infotech have signed definitive agreements to combine their businesses, creating a scaled AI-first global technology services enterprise with a target of $1 billion in annual revenue by FY28. The merged entity will have over 19,000 employees and serve more than 800 customers across 30 countries.

The transaction involves ITC Infotech acquiring a minority stake of about 22.1% in Happiest Minds for ₹1,330 crore, followed by a share swap where Happiest Minds shareholders receive 25 ITC Infotech shares for every 81 Happiest Minds shares. ITC Limited will hold a ~73.4% stake in the combined company, which will be listed on stock exchanges after regulatory approvals.

The merger brings together Happiest Minds’ strengths in AI, digital engineering, cloud, data, analytics and cybersecurity with ITC Infotech’s expertise in enterprise transformation, SAP, PLM, cloud and Industry 4.0. The companies expect the transaction to complete within 15 months, subject to shareholder and regulatory approvals.