Happiest Minds to merge with ITC Infotech, targeting $1B revenue by FY28

Happiest Minds Technologies has announced definitive agreements to merge with ITC Infotech, aiming to create a scaled, AI-first global technology services enterprise. The combined entity is projected to achieve US$1 billion in annual revenue by FY28, with over 19,000 employees and operations in more than 30 countries. The merger will combine Happiest Minds' strengths in AI, digital engineering, and cloud with ITC Infotech's expertise in enterprise transformation, SAP, and PLM. ITC Limited will be the promoter of the merged company with a significant stake. The transaction, which involves ITC Infotech acquiring a minority stake in Happiest Minds and a subsequent share swap, is expected to be completed within 15 months, subject to regulatory approvals.