Happiest Minds Technologies Ltd will acquire US-based Pimcore Global Services for USD 8.25 million (about Rs 60 crore).
Pimcore Global Services is a digital e-commerce and data management solutions company based in Houston.
On Friday, Happiest Minds in a regulatory filing said “Happiest Minds Technologies Ltd has concluded and signed definitive agreements to acquire 100 per cent ownership interest of PGS Inc (doing business as Pimcore Global Services) for a consideration of USD 8.25 million.”
The company stated, “The acquisition will further strengthen Happiest Minds’ offerings and leadership in the digital transformation space.”
The acquisition is subject to customary closing conditions and is expected to close in the quarter ended March 31, 2021. It will also help create greater digital capital for customers and facilitate onboarding more customer logos of strategic consequence.
The filing stated that PGS has a strategic partnership with Pimcore Austria to deliver solutions around Pimcore, an open-source framework which helps enterprises establish a robust digital presence through seamless data and experience management.
PGS clientele includes customers across retail, CPG and manufacturing sectors.
“PGS and Happiest Minds have had a successful strategic partnership pursuant to which Happiest Minds has been rendering offshore services to PGS,” it said.
Revenues of PGS for the fiscal ending December 31, 2020 were at USD 10.6 million and Happiest Minds counts PGS amongst its list of USD 2 million-plus customers.