Happiest Minds Technologies to acquire Macmillan Learning India

IT consulting and services company Happiest Minds Technologies has executed a share purchase agreement to acquire 100% equity interest in Macmillan Learning India, subject to the terms and conditions set out in the agreement. 

Upon closing the transaction, Macmillan Learning India will become a wholly-owned subsidiary of the company. The cost of acquisition is Rs 4.5 crore and it is expected to be completed by April 30, 2024.

Macmillan Learning India is a wholly owned subsidiary of the Macmillan Group, USA. The subsidiary provides software development services to the Macmillan group and has been operating as an "Offshore Development Centre."

Both companies have shown enthusiasm for Artificial Intelligence (AI) and other automation technologies to drive growth. The digital learning company, March, recently announced the launch of a new professional development institute to offer practical knowledge and a meaningful community for educators. The Institute at Macmillan Learning will commence on May 13 with the course "Teaching with Generative AI: A Course for Educators," a facilitator-led, two-month course covering essential AI concepts.

Just this week, Happiest Minds also introduced 'hAPPI,' a Generative AI-powered chatbot developed by its Generative AI Business Services (GBS) unit for Happiest Health. The chatbot will engage users in conversations about health and wellness.

Happiest Minds has strategically invested in a dedicated Generative AI business unit, providing services across various domains such as Edtech, BFSI, and Healthcare. The company boasts a team of AI engineering experts and a repository of over 120 use cases.

According to a report published by the World Economic Forum in February, the next 10 years will see 800 million K-12 graduates and 350 million post-secondary-school graduates globally, with education expenditure projected to reach $10 trillion by 2030. In this expanding global education ecosystem, Edtech is poised to play a critical role.

The relentless rise of automation, AI, and digitization is reshaping the job market, making upskilling and reskilling the workforce essential. The OECD estimates that nearly 1 billion jobs worldwide will undergo significant changes due to technology within the next decade. 

Additionally, AI is revolutionizing education, offering personalized and efficient learning experiences. The education market for AI is expected to surge, with estimates predicting a global increase of approximately $21 billion by 2028.