Happiest Mind Technologies Files IPO Papers with SEBI

Happiest Mind Technologies Ltd has filed draft papers with markets regulator Sebi for its initial public offering (IPO).

The offer consists of a fresh issue of shares aggregating up to Rs 110 crore and offer for sale of up to 3.56 crore equity shares, according to the draft red herring prospectus (DRHP).

This is the first major IPO announced by a company since the imposition of lockdown in the country in March to tackle the COVID-19 pandemic.

The IT company, promoted by Ashok Soota, proposes to utilise the net proceeds from the fresh issue to meet long-term working capital requirement and general corporate purposes.

The company will not receive any proceeds from the offer for sale. The selling shareholders will be entitled to their respective portion of the proceeds of the offer for sale.

ICICI Securities and Nomura Financial Advisory and Securities (India) are the manager for the offer.

The Bengaluru-based company's shares are proposed to be listed on the BSE and NSE. PTI SUM

Happiest Minds Acquires US Based Digital Transformation Company OSSCube

Happiest Minds Technologies, a next generation digital transformation, infrastructure, security and product engineering services company, announced the acquisition of OSSCube, a U.S. based digital transformation company. This acquisition will expand the company’s portfolio of transformative offerings in the consulting-led digital space, especially around open source platforms. It will also significantly strengthen the company’s ground game in North America, deepen CMO mindshare and build critical mass across the digital offerings stack.

OSSCube was founded in 2008 by Lavanya Rastogi and Vineet Agarwal and provides consulting-led digital transformation and modernization services in the fast-growing areas of cloud, big data, e-commerce, enterprise mobility and open source. The firm is headquartered in Houston, Texas, with operations in North America, Europe, and Asia. It is an exclusive Enterprise Partner for the open source platform  Pimcore in North America.  OSSCube twice made the INC5000 list of fast growing privately held companies in US.

Mr. Ashok Soota, Executive Chairman, Happiest Minds Technologies said, “We are delighted to welcome OSS Cube team into the Happiest Minds family.  We believe that this will further strengthen our leadership in the digital transformation space.  The integration of OSSCube will also be an excellent cultural fit with Happiest Minds as both are amongst the few IT Services firms to be ranked as best places to work.”

The team of 240 from OSSCube will now be part of Happiest Minds and this will bring the total strength of Happiest Minds to 2400 and active customer base to 170.

Mr. Sashi Kumar, CEO & MD, Happiest Minds Technologies said, “We have made conscious efforts to build a strong market position as a company that has expertise on transformational and disruptive technologies. The acquisition of OSSCube is a strong step forward in this direction. Additionally, we expect this strategic decision to accelerate our go-to market capabilities in North America. I welcome the entire team of OSSCube on board.”

Arising from this deal, Lavanya Rastogi will now be the CEO of Happiest Minds’ DTES business. OSSCube has helped Fortune 1000 companies in building integrated digital businesses. Provided below are a few project highlights:

• Enabled a top 5 global PC manufacturer to transform its eCommerce channel


• Enabled a top newspaper in North America to build a digital customer acquisition platform and replace its legacy contact centers.


• Modernized the supply chain and drove operational efficiency for one of the world leaders in fresh food production and distribution

Lavanya Rastogi, Co-founder & CEO, OSSCube said, “We are excited to be part of one of the fastest growing digital transformation companies.  Coming together with Happiest Minds offers us the scale, global reach, complementary skills and expertise, enabling us to offer ever more innovative solutions to our global customers. We believe that the great cultural fit, market place synergies and critical mass of Consulting & IP lead offerings will unlock tremendous value for all our stakeholders.”

Happiest Minds is on track to being the fastest Indian IT services company to reach $100 million run rate and plans to go public within the next 3 years.

Happiest Minds Acquires Cupola Technology to Strengthen Its Leadership Position in IoT

Happiest Minds Technologies, a next generation digital transformation, infrastructure, security and product engineering services Company, announced the acquisition of Cupola Technology – a specialized IoT services company with innovative solutions across the IoT lifecycle. This strategic acquisition is in line with Happiest Minds’ vision to expand upon its already thriving IoT business by bringing in complementary frameworks, ready to use solutions and marquee customers.

“We have found that organizations are rapidly moving from proof of concept to enterprise wide IoT rollouts. This has brought about the need for a dedicated IoT operations center with a solution centric approach. The acquisition of Cupola will add to our IoT center of excellence with a like-minded team that is focused towards driving customer value” said Sashi Kumar, CEO & MD of Happiest Minds Technologies.

“IoT is an integral part of our business strategy and in the last 3 years, we have gained considerable market traction and won IoT business across industries like manufacturing, transportation, utilities and retail. In looking for a company with differentiated IoT offerings that would enable us to build on our momentum, we found Cupola to be just the right choice” said Ashok Soota, Executive Chairman of Happiest Minds Technologies.

Cupola Technology was founded in 2011 by Ajay Agrawal and Huzefa Saifee and has delivered high value IoT projects to customers globally. Provided below are a few highlights:

• Designed and delivered an industrial IoT solution to manage plant personnel and assets for a US-based chemical factory.
• Developed an end-to-end IoT solution encompassing antenna management, premise management and weather monitoring for one of the largest Telcos in India.
• Opened new revenue streams for a Hong Kong based consumer electronics company by adding remote monitoring and management capabilities to their products.

“The addition of Cupola further strengthens our focus on the smart living, smart enterprise and smart industrial domains. We’ll now have end to end IoT offerings across devices, platforms, big data & analytics and smart visualization. Cupola’s IPs for gateway management, smart provisioning and asset management deepens our capabilities to conceptualize, develop and manage wide-scale IoT deployments,” said Sandeep Agarwal, Sr. Vice President and Head of the IoT COE at Happiest Minds Technologies.

Speaking about his decision to be a part of Happiest Minds, Ajay Agrawal, co-founder and CEO of Cupola Technology said, “A connected ecosystem was at the heart of founding Cupola in 2011 and IoT based solutions have been the driving force behind our success. As we were looking to fuel the next level of growth, joining hands with Happiest Minds provides us with a great platform. We are excited to start a new chapter of our journey and build on the trust we have earned from our customers.”

Happiest Minds will continue to build on its strong partner ecosystem by investing in its IoT platform partnerships with Microsoft Azure IOT and PTC ThingWorx. Happiest Minds is committed to helping its customers connect, analyze and act on new data, integrate and transform business processes while benefiting from a secure and managed infrastructure.

Happiest Minds is on track to being the fastest Indian IT services company to reach a $100 million run rate and plans to go public within the next 3 years.