NEW DELHI: IT services management company Happiest Minds Technologies on Friday said it is acquiring Macmillan Learning India which will become a wholly-owned subsidiary of the company.
In a stock exchange filing, Happiest Minds said it “has executed a share purchase agreement to acquire 100 per cent equity interest in Macmillan Learning India Private Limited, subject to the terms and conditions set out in the agreement”.
The cost of acquisition is Rs 4.5 crore and it is expected to be completed by April 30.
Macmillan Learning India is engaged in the business of providing software development services to the Macmillan Group, USA and has been working as an ‘”Offshore Development Centre”.
Macmillan Learning India’s turnover was Rs 6.9 crore in FY 2022-23.
Happiest Minds enables digital transformation for enterprises and technology providers by delivering “seamless customer experiences, business efficiency and actionable insights.”
It is headquartered in Bengaluru, with operations in the US, the UK, Canada, Australia and the Middle East.
“The acquisition of 100 per cent equity interest in the Macmillan Learning India further strengthens the already strong edutech vertical of the company,” it said in the filing.
It also makes Happiest Minds Technologies a strategic partner for the Macmillan Group.