Acquisition · Enterprise Software & IT

Happiest Minds to merge with ITC Infotech

By Startup Enthusiast · 1 September 2026

What they do

Happiest Minds provides digital engineering, cloud computing, and AI-driven IT services across various global industries

The company will merge into ITC Infotech, with promoters selling a 22.1% stake for Rs 1,329.72 crore

This consolidation aims to create a scaled global technology enterprise targeting US$1 billion in revenue by fiscal year 2028

The board of Happiest Minds approved a scheme of amalgamation to merge with ITC Infotech India.
Promoter Ashok Soota and his medical research entity will sell 22.106% of the company's equity to ITC Infotech.
The share sale is valued at Rs 1,329.72 crore and will be executed in two separate tranches.
Shareholders will receive 25 shares of ITC Infotech for every 81 shares held in Happiest Minds.
The merger remains subject to regulatory approvals from the CCI, NCLT, and stock exchanges.
The company also plans to shift its registered office from Karnataka to West Bengal.

The merger seeks to build a unified digital solutions provider with greater operational efficiency and scale.
The combined entity aims to reach US$1 billion in annual revenue by the end of FY28.
The deal allows for expanded cross-selling opportunities and a stronger competitive position in global markets.

Happiest Minds is an AI-first digital engineering and IT services company.
It provides services including Agentic AI, Generative AI, Cloud Computing, and Cyber Security.
The firm serves sectors like BFSI, EdTech, Healthcare, and Industrial Manufacturing.
It offers Arttha, which is a unified banking platform for financial institutions.
The company operates as a digital engineering partner for global enterprises.

The company will seek shareholder approval via a postal ballot for the office relocation.
Outstanding non-convertible debentures will be redeemed by 26 September 2026.
New ITC Infotech shares will be listed on the BSE and NSE after the merger.