Bangalore-based Happiest Minds Technologies has posted an annualised run rate of USD 62 million for the fiscal ended March 2016, hitting profits within four years of inception.
The IT services firm, founded by former Mindtree Chairman Ashok Soota in August 2011, is also expanding its global footprint by opening operations across Australia, Middle East and Turkey.
"We have reported an annualised run rate of USD 62 million. This is a 27 per cent growth in rupee terms and 20.4 per cent rise in constant currency. The growth has been led by our strong focus on digital transformation and IP-led approach," Soota, Executive Chairman at Happiest Minds, told PTI.
He added that the company continues to leverage its efforts on social, mobile, analytics and cloud with increased focus on Internet of Things (IoT), security and customer experience.
"Digital transformation was the fastest growing segment and contributed over half of our revenue. Also, 10 per cent of our sales came from Intellectual Property offerings, which will be driven further," he said.
Happiest Minds has over 1,900 employees and serves more than 115 customers, amongst whom several are Fortune 1000.
"We have been able to achieve profitability in the fourth
full year of operations because we function with the nimbleness of a startup, while adding value to our customers through investments in IP and continuously enhancing customer experience," he said.
Soota added that Happiest Minds is on track to be the fastest Indian IT services company to achieve USD 100 million in revenue and plans to go public within next three years.
It raised USD 45 million from Canaan Partners, Intel Capital and the company's founders, including Ashok Soota in 2011.
Happiest Minds offers IT services, product engineering, infrastructure management and security services to sectors like retail, consumer packaged goods, ecommerce, banking, insurance, hi-tech, engineering R&D, manufacturing, automotive and travel/transportation/hospitality.
