In a landmark move for India’s technology services sector, Happiest Minds Technologies and ITC Infotech have announced a merger that will create a scaled AI-first global technology services company with a targeted annual revenue of US$1 billion by FY28.
The proposed combination will bring together more than 19,000 employees, over 800 customers, and operations across 30-plus countries, creating one of the country’s most diversified digital transformation players. The merged entity will combine Happiest Minds’ strengths in AI, digital engineering, cloud, data, analytics, and cybersecurity with ITC Infotech’s expertise in enterprise transformation, SAP, Product Lifecycle Management (PLM), Industry 4.0, and industry-specific solutions.
Under the deal structure, ITC Infotech will acquire a minority stake of about 22.1 percent in Happiest Minds from promoter entities for ₹1,330 crore, followed by a merger through a share-swap arrangement. ITC Limited will emerge as the promoter of the combined company with a stake of approximately 73.4 percent, subject to regulatory and shareholder approvals.
Calling the merger a natural strategic fit, Happiest Minds Chairman and Chief Mentor Ashok Soota said the two organizations share common values and complementary capabilities. “There is significant complementarity in our business portfolios,” he noted, adding that ITC Infotech represents “the best partner” for Happiest Minds’ next phase of growth.
ITC Chairman Sanjiv Puri described the transaction as “an important milestone,” emphasizing that the combination of capabilities, domain expertise, and future-ready technologies would strengthen the company’s ability to deliver advanced solutions across global markets.
The merger is expected to create substantial growth opportunities through cross-selling, larger transformation engagements, and accelerated adoption of Generative AI and Agentic AI solutions. The combined company will have a diversified presence across sectors including BFSI, manufacturing, healthcare, consumer goods, hospitality, retail, and education.
Happiest Minds Co-Chairman and CEO Joseph Anantharaju said the merger creates a “future-ready technology services organization,” enabling the company to deliver greater value to customers while accelerating growth in high-demand digital and AI-led segments.
Beyond scale, the deal strengthens the firms’ global footprint, particularly in North America and Europe, while providing a broader platform for innovation and investment. Venkatraman Narayanan, Managing Director of Happiest Minds, said the transaction reflects a shared commitment to “long-term value creation” and a culture rooted in integrity, collaboration, and customer focus.
Expected to close within the next 15 months, the merger places the combined entity in a strong position to capitalize on the next wave of AI-driven enterprise transformation. With expanded capabilities, deeper industry expertise, and the backing of ITC Group, the new organization aims to emerge as a leading global partner for businesses navigating the AI era.