Software services firm Happiest Minds Technologies Pvt. Ltd has acquired Internet of Things (IoT) platform Cupola Technology for an undisclosed amount, according to a press statement.
“We have found that organisations are rapidly moving from proof of concept to enterprise-wide IoT rollouts. This has brought about the need for a dedicated IoT operations centre with a solution-centric approach,” Sashi Kumar, CEO and managing director of Happiest Minds, said.
Bangalore-based Cupola Technology Pvt. Ltd was founded by Ajay Agarwal and Huzefa Saifee in 2011. Agarwal and Saifee previously founded Internet TV platform Verisimo Networks, which had received funding from Intel.
“A connected ecosystem was at the heart of founding Cupola in 2011 and IoT-based solutions have been the driving force behind our success,” said Agarwal.
Cupola has designed and delivered an industrial IoT solution to manage plant personnel and assets for a US-based chemical factory, and also developed an end-to-end IoT solution encompassing antenna management, premise management and weather monitoring for one of the largest telecom companies in India.
In an earlier interaction with VCCircle, Happiest Minds founder Ashok Soota—who also co-founded technology consulting firm Mindtree—had told VCCircle that the company would now consider “one or two small acquisitions.” He mentioned that geographical expansion, and access to new technology and intellectual property would be the key parameters for considering a takeover.
Launched in August 2011, Happiest Minds enables organisations to capture the business benefits of cloud computing, social media, mobility solutions, Big Data analytics, IoT and unified communications. It also offers domain expertise across areas such as digital transformation and enterprise solutions, product engineering services, infrastructure management, security, testing and consulting.
The company had raised $45 million from Intel Capital and Canaan Partners in 2011. Canaan later sold its stake to JPMorgan.
Happiest Minds plans to achieve a run rate of $100 million and go public within the next three years.
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