Indian IT services and consulting firm Happiest Minds Technologies has made another strategic acquisition, this time acquiring Noida-based PureSoftware Technologies for ₹779 crore ($94.5 million). The acquisition will further enhance Happiest Minds' domain capabilities in key sectors such as banking, financial services, insurance, healthcare, and life sciences. PureSoftware Technologies, which has a paid-up capital of ₹3.23 crores and a turnover of ₹351 crores for fiscal 2024, will become a wholly-owned subsidiary of Happiest Minds. The acquisition was executed through a Share Purchase Agreement, with an upfront cash consideration of Rs 635 crores and a deferred consideration of up to Rs 144 crores payable at the end of FY25. Happiest Minds will acquire 100% equity interest in PureSoftware, purchasing 324,12,166 equity shares from its existing shareholders. The acquisition of PureSoftware Technologies will not only strengthen Happiest Minds' product and digital engineering services business unit but also expand its presence in the U.S., the U.K., India, Mexico, Singapore, Malaysia, and Africa [13ad3b5a].
Collaborations between educational institutions and private companies are crucial for fostering academic growth and advancing research and development. Manipal Academy of Higher Education (MAHE) and Bioplus Life Sciences Pvt. Ltd, based in Bengaluru, have recently signed a Memorandum of Understanding (MoU) to facilitate academic and research collaboration. The MoU aims to promote joint research programs, academic and training-related initiatives, and placement and internship opportunities for MAHE students. Additionally, it includes conducting preclinical and clinical studies of Bioplus' novel products at MAHE-affiliated institutions and engaging key opinion leaders in respective therapeutic areas. The collaboration is expected to create a platform for knowledge exchange, shared resources, and academic growth, contributing to the advancement of research and development in both institutions. The partnership will also provide students and faculty members with access to advanced facilities and foster an environment conducive to nurturing creativity and innovation. This collaboration is seen as a significant step towards preparing students to become global leaders in their respective fields [d68e9b5c].
India's manufacturing sector is attracting global expansion due to its cost-effective and educated workforce, attractive government incentive programs, and massive consumer market. With a population of 1.24 billion, India offers a plentiful workforce and a vast consumer market. The high adult literacy rate and a large percentage of English-speaking residents further enhance its appeal. India's excellent connectivity, with 13 major sea ports and 34 international airports, provides easy access to the global market. However, manufacturers are advised to exercise caution and collaborate with experienced logistics partners to navigate India's complex policies and regulations. While the opportunities are enticing, establishing operations in India can be challenging and time-consuming without the right expertise. Dimerco Express Group, a logistics company with a strong presence in India, stands ready to assist companies in overcoming the hurdles of expansion [796bb5d4].
Singapore start-ups are also expanding their operations in the United States, leveraging the diaspora and the growing presence of Singaporean companies in various sectors. Lucence, a Singapore start-up headquartered in Palo Alto, California, became the first Asian healthcare company to have its cancer detection tests approved for use in the American national medical insurance programme. Workstream, a software start-up, is looking to hire more engineers from Singapore to join its team in Silicon Valley. The diaspora of Singaporeans in the US provides valuable intellectual capability and networks for Singaporean firms. The US market offers opportunities in sectors like advanced manufacturing, clean energy, transportation, logistics, healthcare, and digitalization. The US economy is recovering well from the Covid-19 pandemic, and the country's emphasis on health and wellness, climate change solutions, and digitalization aligns with Singapore's strengths [04d2eb92].
The UPS India Technology Centres and the National Skill Development Corporation (NSDC) have signed a Memorandum of Understanding (MoU) to support skill development for India’s diverse talent pool. The MoU was signed in the presence of Shri. Dharmendra Pradhan, Minister of Education and Skill Development and Entrepreneurship, Government of India. According to the India Skills Report, only 49% of Indian youth meet employability standards. The UPS India Technology Centres and NSDC will provide skilling programs and initiatives focused on technology, logistics, and supply chain management, including community bootcamps, workshops, career counseling, technical training, management and soft skills training. UPS is committed to fostering an inclusive and equitable world that empowers local talent from diverse backgrounds and shines a spotlight on the vast potential of India’s talent pool [15895f0e].
Tech Mahindra plans to merge its two US-based subsidiaries, Born Group and Tech Mahindra (Americas), to optimize operational costs and reduce compliance risks. The merger is subject to approvals and is expected to be effective from April 1, 2024. The turnover of Born Group and Tech Mahindra (Americas) for the financial year ended March 31, 2023, is USD 55.08 million and USD 1,201.37 million, respectively. The merger will result in synergy of business operations and there will be no cash consideration or issue of new shares involved. The shareholding pattern of the company will remain unchanged [30cc9e57].
IT services management company Happiest Minds Technologies is acquiring Macmillan Learning India, which will become a wholly-owned subsidiary of the company. The cost of acquisition is Rs 4.5 crore and it is expected to be completed by April 30. Macmillan Learning India's turnover was Rs 6.9 crore in FY 2022-23. Happiest Minds enables digital transformation for enterprises and technology providers. The acquisition strengthens the edutech vertical of Happiest Minds Technologies and makes it a strategic partner for the Macmillan Group [3d677671].