• FY28 revenue target: The combined entity is targeting approximately $1 billion in revenue by FY28, reflecting an achievable CAGR of 15% to 18% over the next two years across 800 clients and 19,000 employees in 30 countries.
• Post-merger shareholding: ITC Infotech will hold about 74% of the merged entity, while Happiest Minds shareholders will hold 26%, with the existing promoter's remaining 7% to 7.5% stake reclassified as public shares without exit restrictions.
• Operating margin outlook: Consolidated operating margins are expected to exceed 18%, supported by an anticipated ~100 basis point expansion as Happiest Minds' prior investments pay off alongside ITC Infotech's existing 18%-plus margins.
• Cross-selling synergies: Revenue growth will be driven by combining ITC Infotech’s ERP, PLM, and physical AI capabilities with Happiest Minds’ digital, cloud, cybersecurity, and software AI offerings, with minimal overlap among top clients.
• Merger closure timeline: The entire transaction is scheduled to take approximately 15 months, progressing through Competition Commission approval, shareholder approval, NCLT clearance, share swaps, and final relisting.