Happiest Minds acquires Gavs’ Middle East business in $1.7 million deal

Happiest Minds Technologies has announced the acquisition of the Middle East business of Gavs Technologies Limited. The Bengaluru-based IT company has signed definitive agreements to acquire 100% business interest in InnovazIT Technologies LLC, Dubai; Gavs Technologies LLC, Oman; and Gavs Technologies Saudi Arabia for Telecommunications and Information Technology, Saudi Arabia. The acquisition, valued at $1.7 million, is expected to be completed by March 15, 2025.

This move aims to consolidate Happiest Minds’ existing customer relationships, contracts, and delivery teams in the Middle East, strengthening its presence in the region, the company said in an exchange filing.

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. The businesses being acquired generate an annual revenue of approximately $6.4 million.

Earlier on January 15, the IT firm announced a strategic collaboration with Coca-Cola Beverages Vietnam to develop generative AI solutions to enhance organisational productivity and operational efficiency.

The shares of Happiest Minds Tech ended at ₹695 apiece on Saturday, February 1. The stock has fallen 4% in 2024 so far.

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