Intel Capital-backed software services firm Happiest Minds Technologies Pvt. Ltd has acquired OSSCube, a US-based digital transformation firm, for an undisclosed amount, it said in a statement.
Houston, Texas-headquartered OSSCube was founded in 2008 by Lavanya Rastogi and Vineet Agarwal. It provides consulting-led digital transformation and modernisation services in cloud, Big Data, e-commerce, enterprise mobility and open source. The firm has operations in North America, Europe and Asia.
OSSCube’s 240-member team will now be a part of Happiest Minds and operate out of its Noida office. The employee strength of Happiest Minds, which has around 170 customers, is now 2,400.
The integration of OSSCube will be a good cultural fit with Happiest Minds as both are among a few IT Services firms to be ranked as best places to work, said Ashok Soota, founder and executive chairman of Happiest Minds.
“We have made efforts to build a strong market position as a company that has expertise in transformational and disruptive technologies. The acquisition of OSSCube is a step forward in this direction. We also expect this deal to accelerate our go-to-market capabilities in North America,” said Sashi Kumar, CEO and MD of Happiest Minds.
Coming together with Happiest Minds offers OSSCube scale, global reach, complementary skills and expertise, enabling it to offer more innovative solutions, according to Rastogi who is CEO of OSSCube.
This is Happiest Minds’ second acquisition in 2017. Last month, it acquired Bengaluru-based Internet of Things (IoT) platform Cupola Technology for an undisclosed amount.
In an earlier interaction with VCCircle, Soota—who also co-founded technology consulting firm Mindtree—had told VCCircle that the company would consider “one or two acquisitions”. He said geographical expansion as well as access to new technology and intellectual property would be the key parameters for spotting a takeover target.
Founded in August 2011, Bengaluru-based Happiest Minds leverages cloud computing, social media, mobility solutions, Big Data analytics, IoT and unified communications to offer digital transformation, security, product engineering services, testing and consulting services. The firm has operations in the US, the UK, The Netherlands, Australia and the Middle East.
The company raised $45 million from Intel Capital and Canaan Partners in 2011. Canaan later sold its stake to JPMorgan.
Happiest Minds aims to achieve a run rate of $100 million and go public within the next three years.
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