Soota’s Happiest Minds to Merge with ITC Infotech
ITC Infotech to acquire 22.1% of Ashok Soota’s Happiest Minds for INR 1,330 Crore, targeting USD 1Billion revenue by FY28.
Ashok Soota, Chairman & Chief Mentor at Happiest Minds
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ITC Infotech will acquire a 22.1% minority stake in Happiest Minds Technologies from promoter Ashok Soota and associated entities for INR 1,330 crore, in a deal that will create India’s 11th-largest IT services player. The boards of both companies have approved the transaction.
The combined entity will have projected revenue of INR 7,033 crore and a workforce of 19,000 across the US, Europe, the Middle East, APAC, and India. The stake purchase will be executed in two tranches at an average price of about INR 395 per share. The merger will be structured as a share swap, with Happiest Minds shareholders receiving 25 shares of ITC Infotech for every 81 shares held.
“I am delighted that after the completion of legal formalities, Happiest Minds will become an important part of a larger organization through its amalgamation with ITC Infotech,” said Ashok Soota, Chairman and Chief Mentor, Happiest Minds Technologies.
Following the merger, ITC is expected to hold a 73.4% stake in the combined listed company. Happiest Minds’ promoters, who currently hold about 44% through Soota and associated entities, will be reclassified as public shareholders with an expected 7.6% stake, while existing public shareholders of Happiest Minds are expected to hold about 19%. Once the deal receives regulatory approval, the combined entity will list on stock exchanges; Happiest Minds is currently listed, while ITC Infotech operates under parent company ITC.
ITC Infotech reported revenue of INR 4,718 crore in FY26, with an adjusted EBITDA margin of 18.5% and a 14% revenue CAGR over the past five years. Happiest Minds generated INR 2,315 crore in revenue in FY26 with more than 6,500 employees. The merger combines Happiest Minds’ capabilities in AI, digital engineering, and cybersecurity with ITC Infotech’s expertise in enterprise transformation and industry-specific solutions.
The deal had lost momentum earlier this year after the initial asking price for the stake exceeded INR 3,000 crore, amid pressure on IT services valuations linked to concerns over AI-led disruption.
ITC Infotech will acquire a 22.1% minority stake in Happiest Minds Technologies from promoter Ashok Soota and associated entities for INR 1,330 crore, in a deal that will create India’s 11th-largest IT services player. The boards of both companies have approved the transaction.
The combined entity will have projected revenue of INR 7,033 crore and a workforce of 19,000 across the US, Europe, the Middle East, APAC, and India. The stake purchase will be executed in two tranches at an average price of about INR 395 per share. The merger will be structured as a share swap, with Happiest Minds shareholders receiving 25 shares of ITC Infotech for every 81 shares held.
“I am delighted that after the completion of legal formalities, Happiest Minds will become an important part of a larger organization through its amalgamation with ITC Infotech,” said Ashok Soota, Chairman and Chief Mentor, Happiest Minds Technologies.
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