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    Happiest Minds acquires IoT company Cupola Technology

    Synopsis

    The company had been scouting for acquisitions in the IoT domain after it hit profitability last year.

    ET Bureau
    BENGALURU: Bengaluru-based IT firm Happiest Minds Technologies announced the acquisition of Cupola Technology - a specialised IoT (internet of things) services company. The financial details of the deal were not disclosed.

    The company had been scouting for acquisitions in the IoT domain after it hit profitability last year. This is the company's first acquisition, while a second acquisition is close in pipeline and most likely to be announced this year, its CEO Sashi Kumar told ET.

    The strategic acquisition is in line with Happiest Minds' expansion plan of its IoT business by bringing in complementary frameworks, ready-to-use solutions and marquee customers.

    "Over the last 24 months, like other global enterprises, we have been involved in many proof of concepts (POCs). These POCs are now being integrated back with enterprises. This has brought about the need for a dedicated IoT operations center with a solution centric approach. The acquisition of Cupola will add to our IoT center of excellence with a like-minded team that is focused on driving customer value," Kumar said.
    Cupola Technology was founded in 2011 by Ajay Agrawal and Huzefa Saifee. It's 100-member team is now a part of Happiest Minds Technology.

    "A connected ecosystem was at the heart of founding Cupola in 2011 and IoT-based solutions have been the driving force behind our success. As we were looking to fuel the next level of growth, joining hands with Happiest Minds provides us with a great platform," said Ajay Agrawal, chief executive, Cupola Technology.

    Founded by former Mindtree Chairman Ashok Soota in 2011, Happiest Minds has a revenue run rate of $75 million.

    Early this year, Soota had announced that the company is scouting for acquisitions that complement their business. He said the these will be up to $10 million in size as the company wants to utilise its own cash for acquisitions.

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