Happiest Minds Technologies Limited — Capital/Financing Update 2021

Jan 29, 2021

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Happiest Minds Technologies Limited (formerly known as Happiest Minds Technologies Pvt Ltd) Regd. Office : #53/1-4, Hosur Main Road, Madivala, Bangalore-560068, Karnataka, India CIN of the Co. L72900KA2011PLC057931 P: +91 80 6196 0300, F: +91 80 6196 0700 www.happiestminds.com

January 29, 2021

Listing Compliance & Legal Regulatory Listing & Compliance BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street, Mumbai 400 001 Bandra East, Mumbai 400 051 Stock Code: 543227 Stock Code: HAPPSTMNDS

Dear Sir/Madam,

Subject: Happiest Minds acquires US based Pimcore Global Services to strengthen its presence in digital commerce

Pursuant to Regulation 30(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are happy to inform that Happiest Minds Technologies Ltd has concluded and signed definitive agreements to acquire 100% ownership interest of PGS Inc. (DBA : Pimcore Global Services), a Houston, USA based digital e-commerce and data management solutions company for a consideration of US $8.25 million.

PGS has a strategic partnership with Pimcore Austria for delivering solutions around Pimcore, an opensource framework which helps enterprises establish a robust digital presence through seamless data and experience management. PGS clientele includes customers across Retail, CPG and Manufacturing verticals.

PGS and Happiest Minds have had a successful strategic partnership pursuant to which Happiest Minds has been rendering offshore services to PGS. Revenues of PGS for the fiscal ending December 31, 2020 was circa US$ 10.6 million and Happiest Minds counts PGS amongst its list of US$ 2M + customers. Happiest Minds is a Gold Partner of Pimcore for the past several years and the combined capabilities will enhance Happiest Minds’ global Digital Commerce practice.

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Happiest Minds Technologies Limited (formerly known as Happiest Minds Technologies Pvt Ltd) Regd. Office : #53/1-4, Hosur Main Road, Madivala, Bangalore-560068, Karnataka, India CIN of the Co. L72900KA2011PLC057931 P: +91 80 6196 0300, F: +91 80 6196 0700 www.happiestminds.com

The acquisition is subject to customary closing conditions and is expected to close in the Quarter of March 31, 2021.

This is for your information and records.

Thanking you,

Yours faithfully,

For Happiest Minds Technologies Limited

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Praveen Kumar Darshankar Company Secretary & Compliance Officer Membership No. F6706

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About Happiest Minds Technologies:

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/augmented reality, etc. Positioned as ‘Born Digital . Born Agile’, our capabilities span digital solutions, infrastructure, product engineering and security. We deliver these services across industry sectors such as automotive, BFSI, consumer packaged goods, e-commerce, edutech, engineering R&D, hi-tech, manufacturing, retail and travel/transportation/hospitality.

A Great Place to Work-Certified™ company, Happiest Minds is headquartered in Bangalore, India with operations in the U.S., UK, Canada, Australia and Middle East.

Media Contact: media@happiestminds.com

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Happiest Minds Technologies Limited (formerly known as Happiest Minds Technologies Pvt Ltd) Regd. Office : #53/1-4, Hosur Main Road, Madivala, Bangalore-560068, Karnataka, India CIN of the Co. L72900KA2011PLC057931 P: +91 80 6196 0300, F: +91 80 6196 0700 www.happiestminds.com

Disclosure under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015	Disclosure under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Name of the target entity	M/s. PGS Inc (doingbusiness as Pimcore Global Services)
Whether the acquisition would fall within relatedpartytransaction(s)	No
Industry to which the entity being acquired belongs	Information Technology services
Objects and effects of acquisition	Acquisition is in-line with Happiest Minds’ inorganic growth strategy. It will further strengthen Happiest Minds’ offerings and leadership in the digital transformation space and help to create greater digital capital for all its customers and onboard more customer logos of strategic consequence
Any governmental or regulatory approvals required for the acquisition	None
Indicative time period for completion of the acquisition	The acquisition is expected to close during the quarter ending March 31, 2021, subject to customaryclosingconditions
Nature of consideration	Cash
Cost of acquisition or the price at which the shares are acquired	US$ 8.25 million
Percentage of shareholding being acquired	100%
Brief Background of the entity being acquired	Founded in 2018, Houston, USA headquartered PGS has a strategic partnership with Pimcore Austria for delivering solutions around Pimcore, an opensource framework which addresses data and experience management predominantly around digital commerce. PGS with its strong consulting led sales capability is a current customer of Happiest Minds, contributing US$2 million plus in sales revenues.

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