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Persistent Systems

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Persistent Systems
Company typePublic
BSE: 533179
NSE: PERSISTENT
IndustryInformation technology
Founded1990; 34 years ago (1990)
FounderAnand Deshpande
HeadquartersPune, Maharashtra, India
Key people
  • Anand Deshpande (Chairman and MD)
  • Sandeep Kalra (CEO)
  • Vinit Teredesai (CFO)[1]
RevenueIncrease ₹9,821 crore (US$1.2 billion) (FY24)[2]
Increase ₹1,724 crore (US$210 million) (FY24)[2]
Increase ₹1,093 crore (US$130 million) (FY24)[2]
Number of employees
23,000+
Websitepersistent.com

Persistent Systems is an Indian multinational technology services company based in Pune. It is primarily engaged in cloud computing, internet of things, endpoint security, big data analytics and software product engineering services.[3]

History

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Persistent's Pingala-Aryabhata campus in Pune

Persistent Systems was founded in 1990 by Anand Deshpande, a former Hewlett-Packard employee, with an investment of $21,000. In 2000, Intel Capital invested $1 million in the company for a 3.5% stake.[4] In 2005, Persistent raised $18.8 million from Norwest Venture Partners and Gabriel Venture Partners.[5]

Persistent Systems was listed on the National Stock Exchange of India and Bombay Stock Exchange in March 2010 after its initial public offering.[6]

In February 2011, Persistent took over the operations of Nagpur-based Infospectrum India.[7] In 2012, Persistent Systems acquired Openwave's location business.[8]

In 2015, Persistent Systems completed the acquisition of the digital content management solutions business of US-based Akumina.[9] In 2016, Persistent product arm Accelerite purchased Citrix's products CloudPlatform (based on Apache CloudStack) and CloudPortal Business Manager.[10] In 2016, Persistent acquired PRM Cloud Solutions, a Salesforce consulting partner.[11] In 2016, Persistent Systems launched a specialized engineering service for IBM Watson IoT platform.[12]

In 2017, Persistent Systems acquired a Swiss company called Parx Werk.[13] In 2019, Persistent joined Siemens' MindSphere partner program to deliver industrial internet of things (IIoT) services.[14] In 2019, Persistent Systems acquired Youperience, a Salesforce implementation company.[15] In 2020, the company acquired US-based enterprise software firm Capiot Software.[16]

In 2021, Persistent Systems acquired certain assets of Sureline Systems, a cloud migration company.[17] In 2021, Persistent acquired Software Corporation International (SCI) and its affiliate company Fusion360 for $53 million.[18] It also announced the acquisition of Shree Partners, a New Jersey–based IT and cloud management company.[18]

In February 2022, Persistent acquired the American consulting firm Data Glove for $90.5 million.[19] In March 2022, it acquired the American cloud computing services company MediaAgility for $71.71 million.[20][21]

In 2024, Persistent acquired Starfish Associates, developer of an enterprise communications automation platform, for $20 million.[22]

On Sept 30, 2024, Persistent Systems declared its intention to acquire Arrka, a Pune-based data privacy management firm for a consideration of Rs 14.4 crore.[23]

Activities

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The company organizes an annual hackathon called Semicolons for its employees.[24] The company also organizes IBM's Call for Code hackathon at its Goa, Nagpur and Pune offices.[25]

References

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  1. ^ "Persistent Systems appoints former LTIMindtree exec Vinit Teredesai as chief financial officer". Money Control. 16 May 2024. Retrieved 30 June 2024.
  2. ^ a b c "Persistent Announces FY2024 Revenue of $1,186M". Persistent Systems. 21 April 2024. Retrieved 22 April 2024.
  3. ^ "Persistent Systems Ltd". Morningstar, Inc. 19 April 2024. Retrieved 22 April 2024.
  4. ^ Sonavane, Ravindra N. (3 September 2021). "Persistent's Deshpande joins club of billionaires". mint. Retrieved 22 April 2024.
  5. ^ "Persistent gets $18.8 million VC funding". Business Standard. Retrieved 22 April 2024.
  6. ^ "Persistent Systems IPO subscribed 93.3 times". Reuters. 19 March 2010. Archived from the original on 22 October 2019. Retrieved 22 October 2019.
  7. ^ "Persistent takes over Infospectrum". The Times of India. 3 February 2011. Retrieved 22 October 2019.
  8. ^ "Persistent buys Openwave's location biz". Business Standard India. 3 February 2012. Retrieved 22 October 2019.
  9. ^ Reporter, B. S. (17 November 2015). "Persistent Systems to acquire CMS business of US-based Akumina". Business Standard India. Retrieved 4 March 2021.
  10. ^ "Persistent Systems buys two cloud products from Citrix". ET Telecom. Retrieved 22 October 2019.
  11. ^ Sangani, Priyanka (15 March 2016). "Persistent Systems acquires Australia's PRM Cloud Solutions". The Economic Times. Retrieved 18 March 2016.
  12. ^ Sangani, Priyanka (17 March 2016). "Persistent Systems launches specialised engineering services for IBM Watson IoT platform". The Economic Times. Retrieved 22 October 2019.
  13. ^ "Persistent Systems to acquire Swiss firm Parx Werk". VCCircle. Retrieved 22 April 2024.
  14. ^ "Persistent Systems joins Siemens' MindSphere Partner Program for IoT solutions". The Economic Times. 3 May 2019. Retrieved 15 May 2019.
  15. ^ "Persistent Systems to acquire Youperience GmbH for up to 6.8 million euros". The Economic Times. 25 June 2019. Retrieved 22 April 2024.
  16. ^ "Persistent Systems to acquire US enterprise software firm Capiot". VCCircle. Retrieved 22 April 2024.
  17. ^ Baruah, Ayushman (21 May 2021). "Persistent Systems to acquire Sureline Systems for $2.5 million". mint. Retrieved 22 April 2024.
  18. ^ a b "Persistent Systems to acquire SCI, Shree Infosoft for $60 million". Business Standard. Retrieved 22 April 2024.
  19. ^ "Persistent Systems acquires US-based Data Glove for $90.5 million". Business Standard. Retrieved 22 April 2024.
  20. ^ "Persistent Systems acquires US-based MediaAgility for nearly $72 million". 14 March 2022.
  21. ^ "Persistent acquiring MediaAgility for $ 71.71 million". 15 March 2022.
  22. ^ "Persistent Systems buys US software firm Starfish Associates for Rs 173 crore". The Economic Times. 3 July 2024. Retrieved 16 July 2024.
  23. ^ "Persistent Systems acquires Pune-based data privacy management firm Arrka". The Economic Times. 30 September 2024. ISSN 0013-0389. Retrieved 7 October 2024.
  24. ^ "Persistent Systems Employees Code for a Cause". Digital Goa. 16 May 2016. Retrieved 22 October 2019.
  25. ^ "Persistent Systems to host 12-hour hackathon under IBM's Call for Code initiative". The Economic Times. 19 August 2018. Retrieved 22 October 2019.
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