Happiest Minds Acquisitions and Productized Services In Feb 2015, while welcoming Mr. Sashi Kumar as CEO and MD of Happiest Minds, Ashok Soota, Executive Chairman, Happiest Minds said that Sashis experience in global products and services companies will provide a tremendous push towards bringing innovation to Happiest Minds in a world of productized services and solutions. This, coupled with his expertise in global business services and SMAC+ technologies, will further accelerate our success in implementing Digital Transformation solutions for our customers. Happiest Minds has invested in multiple sectors for acquisitions such as Content Management System (CMS) and more. It has spent over $ 17M for the acquisitions Pimcore Global Services (Jan 2021), Pimcore (Jan 2021), OSSCube (Jun 2017). Now in Feb 11 2021 - Happiest Minds is still eyeing acquisitions in the $10 million-$30 million range with a focus on digital capabilities, primarily in Europe, the UK and Australia. Discussing companys Q3 FY21 results, MD & CFO Venkatraman Narayanan said, We are looking at all the geographies and what we are saying is we are looking to build a certain competency when we do acquisitions. Pimcore gives you the clear market depth on that service. That adds a lot more value than just the numbers. Happiest Minds, which acquired digital e-commerce and data management solutions provider Pimcore Global Services last month for $8.25 million, is now looking for similar acquisitions in coming months in the range of $10 million-$30 million, where the company can gain capabilities. We are looking at capabilities (digital skills), then geographies, customers and profitability. These are all the benchmarks we will look at for every (acquisition) candidate. For acquisitions we are looking at Europe, UK, Australia, he added. Venkatraman explained that the outlook is now positive, with investments that were paused coming back and enterprises are investing in digital, given that they have become key to doing businesses. Happiest Minds, he pointed out, with more than 97 percent of revenues coming from digital, is wellpositioned to tap into this opportunity. On May 12, 2021, Mr. Venkataraman spoke on the financials, Our fiscal year revenue growth of 6.3% in US$ terms is reflective of our business model which positions us as a go to player for customers building a digital ready enterprise. Revenues for the quarter grew sequentially by 15.4% which includes Pimcore Global Services (PGS) the Company we acquired earlier during the Quarter. Our growth for the quarter even on a standalone basis has been robust. Our fiscal year EBITDA grew by 90.7% and PAT by 126.6%. Joseph Anantharaju, Exec. Vice Chairman, Happiest Minds Technologies said, We continue to see good demand for digital skills across verticals, with good growth in EduTech, Industrial & Manufacturing and Retail. All our geos have demonstrated impressive growth, especially Middle East and Europe. We are truly among Indias best companies to work, as reflected in our high Glassdoor rating of 4.3 and low attrition levels of 12.4%. On Jun 8 2021 the companys management said that the growth will exceed its medium-term target of 20% in 2021-22 due to acquisitions and a favorable base in 2020-21. Discussion Points

1. Strategy: Are the Happiest Minds acquisitions of digital businesses aligning to their goal of Productizing their services and business growth? By using the Horizon Map explain the growth of Happiest Minds with these Acquisitions.

2. Money: What is the distribution of Happiest Minds revenues geography-wise and sector-wise? Discuss the pricing models and their % distribution across Happiest Minds revenues? (Time & materials vs. Retainer vs. Fixed Price vs. Outcome-Based etc.) How will Productizing Services affect pricing strategy?

3. Process: What initiatives is Happiest Minds taking towards improving their delivery to clients? How are these acquisitions helping Happiest Minds to transform the business of clients?

4. Corporate Lifecycle Analyses: Which stage in Adizes cycle do you think Happiest Minds is in? Explain.