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TMCNet:  Happiest Minds Reports 122% Revenue Growth

[May 01, 2014]

Happiest Minds Reports 122% Revenue Growth

BANGALORE, India & PRINCETON, N.J. --(Business Wire)--

Happiest Minds Technologies, a next generation IT Solutions & Services Company today announced its second year financial results reporting 122% dollar growth in the year 2013-14 and an annualized run rate of $ 34 mn. Strong business momentum continued with the company building a base of 79 customers. Out of these, 9 customers are Fortune 500 companies, 9 customers provided $1 million plus revenue contribution and 2 customers brought in $5 million in revenues.

74% of Happiest Minds' revenue came from disruptive technology projects validating its focus on these core technologies. The strong customer base and business momentum is a result of enterprises embracing these disruptive technologies to implement omni-channel strategies, managing structured & unstructured data and making real time decisions based on actionable insights, while ensuring security for data and infrastructure.

Happiest Minds "Smilestones" in year ending March 2014

  • Achieves $ 34 mn run rate, a record for Indian IT Services Company in second full financial year.
  • Achieves dollar growth rate of 122% and rupee growth of 149%.
  • Team size of 1250 persons, also a record.
  • Launches new disruptive technologies Practice - Internet of Things (IoT)/ M2M.

Ashok Soota, Executive Chairman, Happiest Minds, said, "I am very excited about our momentum so far. Our focus on disruptive technologies which I term as "SMAC plus" has helped customers innovate in their businesses. This differentiated strategy has enabled us to develop a wonderful customer base and execute transformative projects. Our theme of Smart Secure Connected experience powered by "SMAC plus" technologies is resonating well in the market and providing a platform for future growth."

Vikram Gulati, MD & CEO, Happiest Minds, further added, "As industries such as Retail, BFSI, CPG, Manufacturing, Hi tech, Media and Entertainment work towards providing immersive customer experience across all channels, the need for "SMAC plus" technologies is growing In accordance with our strategy of introducing newer disruptive technologies as they emerge, we launched in FY14 a Practice for the Internet of Things & Machine to Machine Solutions (IoT / M2M).

Some of the projects delivered by Happiest Minds based on the theme of Smart Secure Connected include:

  • Personalized Recommendations Engine powered by Big Data Analytics resulted in increase sales conversations for a Retailer
  • Improved productivity with Automated Agent Performance Analytics for a Life Insurance Major
  • Mobile strategy, roadmap & architecture definition for a Leading Data & Information Provider
  • Mobile & NFC based Inventory Management & Ordering system for a Retailer
  • Created 360 Degree view of customers powered by Big Data Platform for a leading publishing company
  • Reduced revenue leakage using Audit Analytics solution for Airlines
  • Cloud Integration of SaaS (News - Alert) & On-premise application for a Hi-tech major
  • Mobile Centred Transformation for a leading Travel & Leisure company
  • Application migration to a Virtualized Platform for an ICT Infrastructure provider
  • Cloud Application Support for a leading Global Education Services provider
  • Managed Services for Network and Security for a leading Media Company
  • IPV6 Assessment on Network Infrastructure (LAN /WAN /Wireless and Network Security)

A significant investment area for Happiest Minds for FY15 is R&D for developing platforms, solution accelerators and new IP led services.

Having created solid foundation with an experienced team of 1250 people and 16 global offices, Happiest Minds is on track to become the fastest Indian IT Services company to achieve $ 100 mn in revenue as it progresses towards its goal of becoming a Public company.

About Happiest Minds Technologies Pvt. Ltd.

Happiest Minds is focused on helping customers build Smart, Secure, Connected experience by leveraging disruptive technologies like mobility, analytics, security, cloud computing, social computing and unified communications. Enterprises are embracing these technologies to implement Omni-channel strategies, manage structured & unstructured data and make real time decisions based on actionable insights, while ensuring security for data and infrastructure. Happiest Minds also offers high degree of skills, IPs and domain expertise across a set of focused areas that include IT Services, Product Engineering Services, Infrastructure Management, Security, Testing and Consulting.

Headquartered in Bangalore, India, Happiest Minds has operations in the US, UK, Singapore and Australia. It secured a $45 million Series-A funding led by Canaan Partners, Intel Capital (News - Alert) and Ashok Soota.

For more information, visit http://www.happiestminds.com.

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