Net profit of Persistent Systems rose 33.94% to Rs 306.42 crore in the quarter ended June 2024 as against Rs 228.77 crore during the previous quarter ended June 2023. Sales rose 17.92% to Rs 2737.17 crore in the quarter ended June 2024 as against Rs 2321.18 crore during the previous quarter ended June 2023. ParticularsQuarter EndedJun. 2024Jun. 2023% Var. Sales2737.172321.18 18 OPM %16.6316.13 - PBDT471.74383.38 23 PBT400.54307.05 30 NP306.42228.77 34 Powered by Capital Market - Live News

Persistent Systems Inc, USA (wholly owned subsidiary) has entered into a Stock Purchase Agreement on 02 July 2024 (US Time) for the acquisition of Starfish Associates, LLC, USA.Starfish is a global software company providing enterprise communication solutions to the world`s largest enterprises including Fortune 500 companies. The enterprise communication platform of Starfish excels as an intelligent integration hub and workflow engine, facilitating seamless connections across a myriad of business applications and communication systems. It enhances multi-vendor communication management through automation with platforms such as Amazon Connect, Avaya, Cisco, Genesys, and Microsoft Teams. In addition, it integrates with key business applications like ServiceNow, Workday, and Microsoft Active Directory to streamline workflows and operations.The acquisition builds on Persistent`s existing engineering capabilities in the Unified Communications and Contact Center, expanding its strong AI-driven business transformation capabilities and expertise in driving operational excellence.It is expected that the acquisition will be completed tentatively within 4-6 weeks subject to the satisfaction of customary closing conditions.The total purchase consideration payable for the acquisition of Starfish is $20.7 million. This includes: � Upfront payment - $15.4 M to shareholders, subject to customary adjustments for working capital, debt and cash on closing.� Earnout - Sellers will be eligible for a maximum cumulative earnout of $5.1M over the next two years. This amount is contingent on achievement of certain performance thresholds.� Retention Payment - Certain key employees will be eligible for an aggregate amount of $0.2M over the next two years contingent on employment continuity.Powered by Capital Market - Live News

Persistent Systems announced the intent to acquire New Jersey-based Starfish Associates. This strategic acquisition builds on Persistent`s existing engineering capabilities in the Contact Center and Unified Communications space, expanding its strong AI-driven business transformation capabilities and expertise in driving operational excellence. Known for its cutting edge Enterprise Communications automation platform, Starfish Associates caters to the world`s largest enterprises including many Fortune 500 companies. Starfish Associates` automation platform excels as an intelligent integration hub and workflow engine, facilitating seamless connections across a myriad of business applications and communication systems. It enhances multi-vendor communication management through automation with platforms such as Amazon Connect, Avaya, Cisco, Genesys, and Microsoft Teams. In addition, it integrates with key business applications like ServiceNow, Workday, and Microsoft Active Directory to streamline workflows and operations. This acquisition brings together Starfish Associates` innovative platform with Persistent`s leading AI-powered automation capabilities and a strong customer base, enabling significant optimizations, enhanced efficiencies for workflows, and agile responses to dynamic business environments.Powered by Capital Market - Live News

Persistent Systems will hold a meeting of the Board of Directors of the Company on 18 July 2024.Powered by Capital Market - Live News

Persistent Systems will hold a meeting of the Board of Directors of the Company on 18 July 2024.Powered by Capital Market - Live News