Happiest Minds Tech gains 4% after acquiring GAVS Tech Middle East biz

Happiest Minds Technologies share price gained 4.39 per cent at Rs 726.30 a piece on the BSE in Monday’s intraday trade after the company on Sunday announced an acquisition of 100 per cent of GAVS Technologies' Middle East business.  

Backed by Kedaara Capital, GAVS Technologies is a New Jersey-based information technology company offering digital product engineering, AI-led managed services, and digital transformation services to customers across Healthcare, BFSI, and Hi-tech segments

 

The deal, valued at $1.7 million in cash, includes the acquisition of InnovazIT Technologies LLC (Dubai), GAVS Technologies LLC (Oman), and GAVS Technologies Saudi Arabia.  

 

The company said that the move is aimed at strengthening Happiest Minds' presence in the Middle East by consolidating existing customer relationships, securing key contracts, and integrating skilled delivery teams.

 

The acquired entities specialise in application development, maintenance, and infrastructure support services, catering primarily to large enterprises in the BFSI (Banking, Financial Services, and Insurance) sector.  

 

With annual revenues of approximately $6.4 million from the acquired operations, the transaction is expected to enhance Happiest Minds’ capabilities and market reach in a fast-growing region, the company said in an exchange filing. 

 

The acquisition is anticipated to be finalised by March 15, 2025, pending regulatory approvals and necessary filings with the Reserve Bank of India (RBI), the company said. 

 

On the equities front, Happiest Minds Technologies share price has fallen 10 per cent in the last six months, while losing 17 per cent in the last one year. In comparison, the BSE Sensex has slipped 5 per cent in the last six months, while rising 6.7 per cent in the last one year. 

 

Happiest Minds Technologies has a total market capitalisation of Rs 10,956.93 crore. Its shares are listed at a price to earnings multiple of 50.74 and at an earning per share of Rs 14.18, according to BSE. 

 

At 12:24 PM, the stock price of the company was up 3.21 per cent at Rs 718  a piece on the BSE. By comparison, the BSE’s Sensex was down 0.71 per cent to 76,957.98 level.