Happiest Minds Technologies (NSE: HAPPSTMNDS) and ITC Infotech India Limited have signed definitive agreements
to merge, creating one of India’s most powerful AI-first global technology services enterprises. The combined entity is projected to achieve US$ 1 billion in annual revenue by FY28, with a workforce of over 19,000 professionals serving more than 800 customers across 30-plus countries.
The merger unites Happiest Minds’ expertise in AI, digital engineering, cloud, data, and cybersecurity with ITC Infotech’s strengths in enterprise transformation, SAP, Product Lifecycle Management, and Industry 4.0—forming a comprehensive, end-to-end technology services platform built for the AI era.
Structurally, ITC Infotech will acquire approximately 22.1% in Happiest Minds for ₹1,330 crore, while the merger itself will be executed via a share swap—Happiest Minds shareholders receiving 25 ITC Infotech shares for every 81 held. ITC Limited will hold approximately 73.4% in the merged, publicly listed company. Completion is anticipated within 15 months, subject to regulatory approvals from the Competition Commission of India, NCLT, and relevant stock exchanges.
Ashok Soota, Chairman & Chief Mentor, Happiest Minds, said: “ITC Infotech is the best partner for Happiest Minds to fulfil its destiny. The alignment in values, vision, and business portfolios gives me full confidence in this combination.”
Sanjiv Puri, Chairman, ITC Limited & ITC Infotech, called it “an important milestone,” adding: “Our complementary strengths and shared people-first culture will enhance our ability to deliver cutting-edge solutions globally.”
Joseph Anantharaju, Co-Chairman & CEO, Happiest Minds, said the merger would “accelerate growth in high-demand industry groups and build a stronger platform for long-term global scale.”
Strategically, the combined company is anchored across five pillars: scale, expanded capabilities, industry diversification across BFSI, Healthcare, CPG, and Manufacturing, broader geographic reach—with North America at ~38% and Europe at ~31%—and a deeply aligned people-centric culture.
Growth will be driven by cross-selling across a combined client base, accelerated adoption of Generative and Agentic AI, and expanded partnerships with Microsoft, SAP, ServiceNow, and leading hyperscalers.
JM Financial advised Happiest Minds on the transaction, with PwC and KPMG as due diligence advisors and Khaitan & Co. as legal counsel.