Deals sizes of Happiest Minds' infrastructure and security biz surge
Premium- The company’s average revenue per customer has increased to $751,000
Happiest Minds Technologies Ltd is seeing an increase in deal sizes in the infrastructure and security business said Ram Mohan C., president and chief executive officer of the infrastructure management and security services (IMSS) at the firm. “We are consistently seeing an increase in the deal size as we are moving forward," he said during an analyst call following the company's first-quarter earnings.
“Some of the projects that we took from the migration perspective in the infrastructure space, specifically cloud migration, is moving into annuity-based management deals. Similarly in the security area, where we took some projects by IDAM (Identity and Access Management) implementation or a GRC (governance, risk, compliance) is now moving into more managed security services," Mohan said.
The size of the percentage of fixed-price projects has also increased from 22% in the last quarter to 26% this quarter. “This is a very good indicator that we are moving more and more into annuity-based fixed projects," Mohan said.
The company’s average revenue per customer has increased to $751,000. “This is a metric that we keenly follow and track. There increase in the number of million-dollar customers was five, which has been a high in the last two years; (there has also been an) addition of seven new billion-dollar corporations to our clients' list," said Venkatraman Narayanan, managing director and chief financial officer, Happiest Minds Technologies Ltd.
The company's management said the revenue from large customers is increasing driven by a very focused effort around getting its domains, sales, and delivery to work closely together, strategizing on customers, and making strategic account development plans.
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