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IT firm Happiest Minds Technologies has acquired Cupola Technology for an undisclosed sum, a move that is expected to help the Bengaluru-based firm strengthen its presence in the Internet of Things (IOT) space.
Happiest Minds was on the lookout for acquisitions in the IoT domain to expand revenues.
"We have found that organisations are rapidly moving from proof of concept to enterprise-wide IoT rollouts. This has brought about the need for a dedicated IoT operations centre with a solution-centric approach," Happiest Minds Technologies CEO and MD Sashi Kumar said.
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IoT refers to sensor-fitted gadgets or things within a network talking to each other, swapping real-time data and information to perform specific actions.
For instance, with IoT, street lights will automatically go off when they sense no traffic on the roads and consequently, save power. Another application could be a smart band that will automatically alert a physician when body vitals reach abnormal levels.
Ashok Soota, Executive Chairman of Happiest Minds Technologies said IoT is an integral part of the company's business strategy and in the last 3 years, it has gained considerable market traction.
The company has won IoT business across industries like manufacturing, transportation, utilities and retail, he added.
Cupola Technology was founded in 2011 by Ajay Agrawal and Huzefa Saifee and has delivered high-value IoT projects for a US-based chemical factory, a large telco in India and a Hong Kong-based consumer electronics company, among others.
Founded by industry veteran and former Mindtree Chairman Ashok Soota in 2011, Happiest Minds has a revenue run rate of USD 75 million.
It said it is on track to reaching USD 100 million run rate soon and plans to go public within the next three years.
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