ITC’s Big IT Move: Why Happiest Minds Matters

ITC Infotech has agreed to acquire a **22.1% stake in Happiest Minds Technologies for about ₹1,330 crore**, followed by a proposed merger of the two businesses. The combined company is targeting **US$1 billion in annual revenue by FY28**, with more than 19,000 employees and 800+ customers. The interesting part is the combination. **Happiest Minds** brings strengths in AI, digital engineering, cloud, data, analytics and cybersecurity. **ITC Infotech** brings enterprise transformation, SAP, PLM, Industry 4.0 and industry-specific technology expertise. Together, the story becomes bigger: **scale + AI + enterprise technology + global reach.** • **ITC** – Parent company and promoter of the proposed combined entity • **

** – Direct company involved in the transaction • **Persistent Systems** – AI, cloud and digital engineering exposure • **Coforge** – Digital transformation and AI-led technology services • **Mphasis** – Cloud and AI-focused IT services • **LTIMindtree** – Enterprise technology and digital transformation • **Tech Mahindra** – Enterprise, cloud and AI transformation exposure • **TCS** – Large-scale AI and digital transformation exposure • **Infosys** – AI, cloud and enterprise technology exposure • **HCLTech** – Engineering, cloud and AI services These names are **not recommendations or buy/sell calls**. They are companies investors can study to understand how consolidation and AI spending may influence India’s IT-services ecosystem. **Corporate mergers can reshape industry competition, but investors should study valuations, execution, financials, approvals, and risks before forming conclusions.** **Educational purpose only. Not investment advice or a stock recommendation.** The transaction remains subject to regulatory and other approvals, with completion expected over roughly 15 months.