Happiest Minds Signs Agreement to Acquire Gavs Tech's Middle East Business

Happiest Minds Technologies announced that it has executed a share acquisition agreement with Gavs Technologies to acquire a 100% stake in their Middle East business, with the goal of consolidating existing customer relationships, contracts, and a delivery team.

The company intends to purchase Gavs Technologies LLC in Oman, Gavs Technologies Saudi Arabia, and InnovazIT Technologies LLC in Dubai in the fields of telecommunications and information technology.

The aforementioned businesses serve big businesses, mostly in the Middle Eastern BFSI sector, by offering infrastructure support services, application development, and maintenance. The annual revenue from the carved-out continuing operations is about $6.4 million.

The company will pay $1.7 million in total to acquire the business. The transaction will be completed by March 15, 2025.

By offering smooth customer experiences, enhanced business efficiency, and actionable insights, Happiest Minds Technologies and IT Solutions Company assists businesses and technology providers in achieving digital transformation.

In Q3 FY24, the IT company's consolidated net profit climbed 2% to Rs 59.62 crore from Q2 FY24's Rs 58.46 crore. Comparing Q3 FY24 to Q2 FY24, the operating revenue increased marginally to Rs 406.62 crore.

The counter increased 1.03% on Saturday, February 1, 2025, and ended the day at Rs 695.70.