IT firm Happiest Minds Technologies has been on lookout for acquisitions in the IoT space for some time now. The firm plans to expand revenue through this move. This week, the firm acquired Cupola Technology for an undisclosed sum. Besides expanding revenue, the firm wants to strengthen its position in the IoT space.
Cupola Technology was founded in 2011, and the firm has since then delivered high-value IoT projects for a US-based chemical factory, a large telco in India, and a Hong Kong-based consumer electronics company. Ajay Agrawal and Huzefa Saifee are the Co-founders for Cupola Technology.
In an IoT ecosystem, sensor-fitted gadgets or things placed within a network communicate with each other, swapping real-time data and information to perform specific actions. Sashi Kumar, CEO and MD, Happiest minds Technologies comments, “We have found that organisations are rapidly moving from proof of concept to enterprise-wide IoT rollouts. This has brought about the need for a dedicated IoT operations centre with a solution-centric approach.”
Happiest Minds was founded in 2011 by industry veteran and former Mindtree Chairman Ashok Soota. The organization has an impressive revenue run rate of USD 75 million. The firm is currently on track to reaching USD 100 million run rate. Happiest Minds has announced a three-year window, within which it plans to go public.
Happiest Minds has clients for its IoT business from across several industry verticals, such as manufacturing, transportation, utilities, and retail. “IoT has been an integral part of the Happiest Minds Technologies business strategy in the last 3 years, based on which the firm has gained considerable market traction,” concludes Ashok Soota, Executive Chairman, Happiest Minds Technologies.