Happiest Minds and ITC Infotech merger progresses, listing expected within a year
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Business Standard
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Happiest Minds and ITC Infotech merger progresses, listing expected within a year

Happiest Minds has announced that the merger process with ITC Infotech is proceeding as planned, with the stock market listing of the combined entity expected within a year. Although board and shareholder approvals have already been obtained, the companies still need to await clearances from the Competition Commission of India (CCI) and scrutiny from the Securities and Exchange Board of India (SEBI).

Managing Director Venkataraman Narayanan noted that the process is progressing successfully, and they aim to fulfill all necessary conditions within the stipulated timeframe to complete the merger. He added that key milestones include receiving CCI approval, which is anticipated by November, as well as SEBI approval during the same period. Following this, only ratification by the National Company Law Tribunal (NCLT) and final shareholder approval will remain.

Earlier this year, ITC Infotech and Happiest Minds announced the merger as part of a deal valued at INR 1,330 crore, with ITC acting as the promoter of the combined company, holding approximately 73.4 percent of the shares. Happiest Minds believes that this merger will enable the joint structure to undertake larger contracts and focus on broader opportunities in an era where artificial intelligence (AI) is transforming the services industry, and the focus is shifting towards results and supplier consolidation.

In the context of a complex macroeconomic environment, mergers are viewed as both an opportunity and a form of protection, as they provide access to a wider and growing market. The second quarter showed a 15 percent year-on-year growth in Happiest Minds' net profit, reaching INR 62.2 crore, while revenue increased by 12.5 percent year-on-year to INR 645 crore. The growth in the second quarter was driven by the banking and financial services, insurance, and healthcare sectors, with the US leading in geographical growth. India contributed 18 percent to the total revenue.

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Uzbekistan and the USA sign memorandum on cooperation in artificial intelligence
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Uzbekistan and the USA sign memorandum on cooperation in artificial intelligence

The General Consulate of Uzbekistan in Washington State, together with the World Digital Technology Academy (WDTA), concluded an agreement on cooperation in the field of artificial intelligence. This document establishes the framework for joint educational programs, exchange of accumulated experience, and promotion of technological projects.

The signing of the memorandum took place on October 30 in Seattle, as part of an international forum dedicated to AI interaction. The event gathered about 60 participants from representatives of technology firms, educational institutions, investment circles, and government bodies, including specialists from Microsoft and Meta.

Discussed Areas and Experience

The forum discussed issues related to training personnel for the IT industry, stimulating startup development, and attracting capital investments into Uzbekistan's technology sector. Potential areas for partnership mentioned included agritechnologies, water-saving methods, language services, and creating solutions for people with disabilities.

Furthermore, participants examined opportunities for mutual knowledge exchange between Seattle and Tashkent in the field of digital management of urban infrastructure. Specifically, Seattle's Chief Technology Officer, Shannon Smith, demonstrated examples of using AI to improve municipal services, simplify building permit processes, and enhance road safety.

The memorandum solidifies the intention to develop ties between universities, corporations, and state structures of both countries. The parties also plan to develop joint training programs and pilot projects, paying special attention to the principles of responsible AI application, cybersecurity, and data privacy.

Uzbekistan's IT Park signs cooperation agreements with German partners
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uzdaily.uz

Uzbekistan's IT Park signs cooperation agreements with German partners

The Ministry of Digital Technologies of Uzbekistan announced that IT Park Uzbekistan has concluded memorandums of cooperation with the East Committee of German Business (Ost-Ausschuss der Deutschen Wirtschaft) and the international education company Berlitz.

The agreements were signed during the visit of the IT Park delegation, led by CEO Azamat Karamatov, who visited France and Germany. The trip covered Paris, Munich, and Berlin.

The central event of the visit was the Uzbekistan Outsourcing Conference (UOC Berlin 2026). The delegation's goal was to expand the presence of Uzbek companies in European markets, attract European businesses to Uzbekistan, promote international startup collaboration, establish connections with foreign clients, and strengthen the country's human capital potential.

On October 20, Karamatov met with representatives of the STATION F startup campus in Paris. The parties discussed supporting Uzbek startups in entering the French and other European markets, participation in international acceleration programs, and establishing direct contacts with venture investors and corporate partners. One of the key issues was the possibility of creating an innovation center for Uzbekistan at STATION F.

On October 21, the delegation held negotiations with international companies and industry associations in Munich. Discussions focused on involving Uzbek specialists in foreign projects, increasing the volume of technological outsourcing, and integrating local IT companies into international service supply chains.

With Axl Brains, the delegation discussed recruiting qualified specialists and forming technical teams in Uzbekistan. The next step is planned to resume cooperation on personnel recruitment and assess the company's current staffing needs.

Negotiations with ABSL DACH concerned promoting Uzbekistan as a potential destination for international outsourcing services and Global Capability Centers (GCCs). The Uzbek side intends to present the country's opportunities to association members and participate in ABSL events.

Discussions with Schwarz Digits touched upon digital infrastructure, cloud solutions, and information security. The parties plan to assess the company's requirements and identify potential service providers among IT Park residents with relevant experience.

On October 22, the Uzbekistan Embassy in Germany hosted the Uzbekistan Outsourcing Conference 2026. The event gathered over 90 representatives from international business, technology companies, and organizations. This conference is being held in Berlin for the third consecutive year.

Participants received information about Uzbekistan's investment and human capital potential, the operating conditions of IT Park, existing state support mechanisms, as well as opportunities for establishing international IT outsourcing and Business Process Outsourcing (BPO) operations in the country. The central part of the program was a panel discussion titled 'Uzbekistan and Germany: Building a New Partnership in Global Services.'

Attendees included Michael Harms, Managing Director of the East Committee of German Business; Zhakhongir Kagirov, Director of Export Development at IT Park; Ursula Steinmetz, representing CCV; and Teresa Brock from Berlitz. Gufrun Atto, founder and CEO of AttoLabs, shared his entrepreneurial experience and views on the development of the technology business.

The conference also attracted representatives from organizations such as Deloitte, CIC, davero dialog, nearshorefriends, Berlitz, Fraunhofer IPK, Klarna, Rödl, SCHNEIDER GROUP, and others.

The event was organized with the support of the Embassy of Uzbekistan in Germany, the East Committee of German Business, and conference partners.

The memorandum with the East Committee of German Business establishes the basis for systematic interaction with the German business community. It provides for presenting Uzbekistan's potential to investors and clients, as well as exchanging information on business conditions and available support mechanisms. Practical cooperation will include joint industry events, business delegations, and business-to-business (B2B) meetings.

The memorandum with Berlitz involves developing a joint training program for native German speakers in the BPO sector of Uzbekistan. It is expected that the teaching methods will be adapted to the requirements of international employers operating in German-speaking markets. According to IT Park, this will help form a talent pool for export-oriented service companies.

After the conference, the delegation continued consultations with international companies. Discussions with CIC focused on developing the format of a Venture Café in Tashkent. This international platform brings together startups, investors, technology companies, and experts.

Negotiations with CCV focused on attracting German companies specializing in contact centers and customer service to Uzbekistan, as well as creating local teams capable of serving German-speaking clients.

IT Park Uzbekistan explores cooperation in artificial intelligence and data with South Korea
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uzdaily.uz

IT Park Uzbekistan explores cooperation in artificial intelligence and data with South Korea

A delegation from IT Park Uzbekistan, led by Executive Director Jakhongir Rajabov, visited the Republic of Korea from October 18 to 22, 2026. The purpose of the visit was to study opportunities for cooperation in the fields of artificial intelligence, data infrastructure, and digital technologies.

According to an IT Park Uzbekistan report, the delegation participated in the Global AI and Digitalization Summit 2026 and held meetings with government agencies, the World Bank, and academic institutions.

Discussions covered topics such as artificial intelligence, national data infrastructure, digitalization of public administration, workforce training, and expanding international interaction in the IT sector.

The Global AI and Digitalization Summit 2026 was organized by the World Bank Group in partnership with South Korean government bodies. The event focused on the development of artificial intelligence and digital transformation.

At the Ministry of Science and ICT of South Korea, the delegation discussed joint work in AI, digital government, IT education, and scientific research. The Uzbek side presented plans for training young specialists and developing expertise in AI, including establishing an Artificial Intelligence Institute at New Uzbekistan University and developing a research center.

Representatives from South Korea expressed interest in strengthening ties between universities and research institutes. They also reported their readiness to share experience in applying AI in public administration, improving digital public services, and training cybersecurity specialists. Both sides agreed to continue the dialogue and seek opportunities for practical cooperation.

During a meeting with the leadership of the National Information Society Agency (NIA) of South Korea, the parties discussed plans to create a national data platform in Uzbekistan and expand cooperation in the field of AI. Examples of South Korea's experience in developing digital infrastructure, managing public data, and forming datasets for training AI models were reviewed. The parties agreed to continue knowledge exchange, including through online seminars on NIA practices.

The meeting with the World Bank focused on implementing the 'Digital Inclusion in Uzbekistan' project, which aims to increase public access to digital technologies, enhance digital skills, and create jobs. Furthermore, the parties analyzed the results of initiatives to develop soft skills and promote Uzbekistan's IT industry internationally, discussing ways to improve project implementation and expand expert interaction.

The visit program also included familiarization with the activities of Seoul National University (SNU), which conducts research in areas such as engineering, AI, computer science, biotechnology, and semiconductors. The university's innovative ecosystem includes 64 state-funded research centers and a startup support unit. There is also SNU Technology Holdings, a company that invests in university-related startups.

According to IT Park Uzbekistan, such cooperation can strengthen the country's IT ecosystem, expand international ties, and support the adoption of advanced technological solutions.

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