DBT Bureau
Pune, 31 August 2026
Happiest Minds Technologies Limited said in an exchange filing that it has signed definitive agreements to combine its business with ITC Infotech India Limited, creating a scaled global technology services enterprise targeting US$1 billion in annual revenue by FY28, with more than 19,000 employees, over 800 customers, and operations across more than 30 countries.
The proposed combination brings together two highly complementary organisations with shared values, strong people-centric cultures, and a common vision of helping enterprises accelerate AI-led transformation. The combined company 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, Industry 4.0, and industry-specific technology solutions.
As part of the transaction, ITC Infotech will acquire an aggregate minority stake of nearly 22.1% in Happiest Minds from the promoter and promoter entities across two tranches for a total consideration of ₹1,330 crore, at an average price of nearly ₹395 per share. Further, the proposed merger will be effected through a share swap, pursuant to which equity shareholders of Happiest Minds will receive 25 shares of ITC Infotech for every 81 shares of Happiest Minds held by them. ITC Limited will be the promoter of the merged company, with a nearly 73.4% stake.
The proposed merger is subject to the satisfaction of customary statutory, shareholder, and regulatory approvals, including approvals from the Competition Commission of India, the relevant stock exchanges, and the National Company Law Tribunal. The companies expect the transaction to be completed over the next 15 months and will continue to operate independently until all approvals have been obtained. The combined company will be listed on the relevant stock exchanges after receiving all necessary approvals.
Ashok Soota, Chairman and Chief Mentor of Happiest Minds Technologies, said, “I am delighted that, upon completion of the necessary approvals and legal formalities, Happiest Minds will become an important part of a larger organisation through its merger with ITC Infotech. The two organisations are aligned on our values and shared vision for the future. There is significant complementarity in our business portfolios, which will ensure synergy. We believe that ITC Infotech is the best partner for Happiest Minds to fulfil its destiny, and we are pleased that our team will have a welcoming new home.”
Sanjiv Puri, Chairman of ITC Limited and ITC Infotech, said, “Today marks an important milestone in the journey towards Happiest Minds becoming an integral part of ITC Infotech, subject to receipt of regulatory approvals. The coming together of our complementary strengths, deep domain expertise, and future-ready capabilities will further enhance our ability to deliver cutting-edge solutions across geographies. I am particularly encouraged by the shared values, people-centricity, and customer-centricity that define our organisations. We look forward to the invaluable experience, expertise, and dedication of the employees of Happiest Minds as we embark on this exciting new chapter.”
Joseph Anantharaju, Co-Chairman and CEO of Happiest Minds, said, “The merger of Happiest Minds and ITC Infotech brings together complementary strengths to create a future-ready technology services organisation. Combining our expertise across AI, digital, cloud, data, cybersecurity, product engineering, and enterprise platforms with ITC Infotech’s strengths in enterprise transformation, SAP, engineering services, and Product Lifecycle Management (PLM) will enable us to deliver greater value to customers across geographies and accelerate growth in high-demand industry segments. Beyond the strategic fit, this partnership is anchored in shared values, customer focus, and a commitment to innovation. Together, we are building a stronger platform for long-term growth and global scale.”
Venkatraman Narayanan, Managing Director of Happiest Minds, said, “This transaction reflects a shared commitment to strong corporate governance, financial prudence, and long-term value creation. ITC Infotech brings the financial strength, scale, and stability of ITC Limited, one of India’s most trusted business houses, and our combined financials lay a solid foundation to invest, grow, and compete globally. Equally important to me has been the spirit in which discussions between our companies were conducted — candid, respectful, and genuinely collaborative from the very first conversation. That reflects a shared culture of integrity and mutual respect, and it gives me confidence that the people-centric values, entrepreneurial energy, and customer-first mindset that define Happiest Minds will not just survive this integration but thrive within a stronger, more resilient, and truly future-ready enterprise.”
Strategic rationale: Creating an AI-First, Agile-Always Platform
The proposed combination creates an AI-First, Agile-Always Platform that brings together complementary strengths across five strategic dimensions:
- Scale: A technology services platform with approximately ₹7,033 crore in FY26 revenue and more than 19,000 professionals, enhancing its ability to compete for larger global transformation programmes.
- Capabilities: Integration of ITC Infotech’s enterprise transformation, SAP, PLM, Industry 4.0, and cloud expertise with Happiest Minds’ AI, digital, cloud, data, and cybersecurity capabilities across the entire enterprise technology value chain.
- Industry diversification: The combined company will have deep expertise across CPG, hospitality, manufacturing, EdTech, BFSI, and healthcare, providing a diversified and resilient revenue mix.
- Geographic reach: A more balanced international presence, with expanded exposure to North America, accounting for nearly 38%, and Europe, accounting for nearly 31%, while strengthening delivery capabilities around the world.
- Culture: Both companies have strong client- and people-centric cultures, with a focus on technology-led transformation and long-term customer relationships.
Revenue and growth opportunities
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.
- Greater participation in large-scale enterprise transformation and digital engineering programmes.
- Expansion of proprietary platforms and industry solutions into new markets and geographies.
- Accelerated adoption of Generative AI and Agentic AI solutions across industries.
- Increased collaboration with strategic partners, including Microsoft, SAP, ServiceNow, PTC, leading cybersecurity providers, and hyperscalers.
Combined scale and market position
The combined entity creates a powerful platform for the next phase of growth, bringing together complementary strengths in AI, digital engineering, cloud, cybersecurity, enterprise applications, and industry expertise.
Positioned to capture significant opportunities emerging from AI-led transformation, the combined entity is expected to achieve US$1 billion in annual revenue by FY28. With a shared vision of innovation, agility, and customer-centricity, the new organisation aims to become the most trusted AI-First transformation partner globally, delivering measurable business outcomes while creating enduring value for customers, employees, shareholders, and the communities it serves.
JM Financial Limited acted as the exclusive financial advisor to Happiest Minds and its promoter and promoter entities. PwC and KPMG served as the financial and tax due diligence advisors, respectively, to Happiest Minds, while Khaitan & Co. acted as the legal advisor to the company in connection with the transaction. The share exchange ratio was determined based on the recommendations of joint independent valuers, PwC and Grant Thornton.
