IT firm Happiest Minds reports growth in BFSI vertical
IT firm Happiest Minds saw its banking financial services and insurance (BFSI) vertical’s contribution going up by 540 basis points, even as its US’ contribution coming down by 250 basis points in the just concluded quarter of this fiscal. One basis point is a hundredth of a percentage point.
Acquisitions in the first quarter influenced both BFSI and US geography, said Executive Vice Chairman Joseph Anantharaju to ET on Tuesday.
The IT firm, which announced its Q1 earnings Monday late night, acquired Aureus and PureSoftware in the first quarter of this fiscal. «Both these acquired firms are strong in financial services. While PureSoftware is focused more on banking and financial services, Aureus is on insurance», added Anantharaju.
“These two companies have large BFSI customers. So it's really adding to our domain depth and to the type of customers that we have. If you look at the Americas, there are two things out there. On an absolute basis, America has grown and it's grown by 6.9% quarter on quarter, even though the share (in the total revenue) has gone down.”
He explained that the reason it has gone down was PureSoftware has significant revenues that come from the APAC (Asia Pacific) region, which has gone from zero to around 2.1%. PureSoftware also get around 1 to 2% of revenues from Africa. Even Aureus has some operations in Africa and gets some revenues. They also get a bit of their revenues from Hong Kong, Singapore and Malaysia, he said.
These acquisitions have also impacted its margins and profits in
