Explore other editions Three-horse race for Happiest Minds; Gazette may unlock content blocking Want this newsletter delivered to your inbox?I agree to receive newsletters and marketing communications via e-mail Thank you for subscribing to Morning DispatchWe'll soon meet in your inbox.
Happy Friday! A clutch of suitors is eyeing IT veteran Ashok Soota’s Happiest Minds.
This and more in today’s ETtech Morning Dispatch.Also in the letter:■ Anveshan eyes new funds■ Howard Morgan interview■ PhysicsWallah’s next move: HostelsEQT, Partners Group & ITC Info eye a chunk of Ashok Soota’s Happiest Minds Happiest Minds founder and chairman Ashok SootaPrivate equity firms EQT and Partners Group, along with IT services company ITC Infotech, are in the race to acquire a controlling stake in listed software firm Happiest Minds from founder and chairman Ashok Soota.What’s happening? Soota, a Wipro veteran and Mindtree founder, holds about 44% of the company's shares, directly and through investment entities.
This promoter stake was valued at roughly Rs 2,500 crore on Thursday.Sources told us that a Big Four firm is conducting commercial due diligence, with findings expected to be shared with potential bidders soon.
Discussions, they added, are still at a very early stage.Deal timelines and valuation alignments remain uncertain.Tell me more: As recently as February, Soota said during an earnings press conference that he was “very much at the helm”, with a focus on scaling the company’s artificial intelligence (AI) initiatives.Also Read: Happiest Minds upgrades FY27 revenue growth guidance to 13% on strong AI demandExpert take: “Mid-market IT services firms could see consolidation given some of the headwinds being faced by the outsourcing industry.
In this backdrop, one could see larger rivals trying to buy smaller or equally sized players… and PE (private equity) firms also exploring such acquisitions,” said an industry watcher.Also Read: PE firms up SaaS buyouts as AI resets valuations & biz modelsGazette notification may allow more ministries to block content The government may expand content-blocking authority to multiple ministries through an official gazette notification, without amending the Information Technology Act, 2000, sources told us.What’s happening? Secretaries from relevant ministries could be designated as “nodal officers”, empowering them to issue blocking orders under Section 69 (A).No change in the IT Act or the 2009 blocking rules required.Orders would....
