India’s Persistent Systems Acquires Three US Rivals

Indian IT services provider Persistent Systems has acquired three of its smaller rivals in the United States, including Software Corporation International (SCI), gaining wider access to lucrative clients in the American financial services industry.

Pune, India-based company claims to have paid US$53 million for SCI, a specialist in integrating fintech solutions.

North Carolina-based SCI comes into Persistent’s fold along with its subsidiary Fusion360, which provides support services to payment platforms, including IBM financial transaction manager.

Besides these, Persistent has also purchased New Jersey-based Shree Partners, a cloud and IT infrastructure services vendor. “This will expand our BFSI (banking, financial, insurance) expertise,” stated Sandeep Karla, CEO of Persistent, in a note to investors.

“Importantly, these acquisitions bring us new points of presence in Charlotte, North Carolina, and the National Capital Region (NCR), India, bringing in new digital transformation talent to serve our clients,” he added.

Once the transactions close, Persistent will launch a new payment business. The IT provider posted US$45 million in net profit for the 2020 fiscal year, thanks largely to the growing demand for digital transformation services in North America, the region that accounts for 80% of its revenue.