New Delhi, May 9 (IANS): IT firm Happiest Minds Technologies on Thursday announced that it has signed definitive agreements to acquire 100 per cent ownership of the US-based Azure native digital product engineering company Aureus Tech Systems LLC.

Through this acquisition, Happiest Minds strengthened its domain capabilities in Insurance & reinsurance, healthcare and life sciences verticals and strong Product & Digital Engineering Services (PDES) Business, the company said.

"Aureus strengthens our BFSI and Healthcare Industry Groups, enhances our value proposition in these verticals and contributes to our new customer acquisition initiatives," Joseph Anantharaju, Executive VC, Happiest Minds, said in a statement.

Aureus, a 150-person company with a development centre in Hyderabad partners with Fortune 500 companies including global Insurance and reinsurance providers and healthcare & life sciences enterprises in their cloud transformation journeys.

The company delivers bespoke cloud and AI-based transformation solutions, underpinned by a blend of domain expertise and industry acumen.

"There is a significant shift in how insurance and healthcare providers are looking at their business," said Abhishek Pakhira, CEO of Aureus Business.

"We strongly believe that the deep digital native capabilities of Happiest Minds and its scale will help us solve bigger problems for this industry group," he added.

In addition, Venkatraman Narayanan, MD & CFO of Happiest Minds, stated that Aureus gets us a strong brand recall in the insurance, and reinsurance space with access to a market leader with a compelling value proposition and a strategic presence in the customer’s long-term imperatives.