Persistent Systems Limited completed the acquisition of Software Corporation International.
October 05, 2021
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Persistent Systems Limited (BSE:533179) entered into a stock purchase agreement to acquire Software Corporation International for $46.4 million on September 29, 2021. The total purchase consideration payable for the acquisition of Software Corporation International and Fusion 360 LLC is $53 million which includes Upfront payment of $34.45 million to shareholders of SCI, subject to customary adjustments for working capital, debt and cash on Closing, Earnout ? shareholders of SCI will be eligible for a maximum amount of $5.96 million per annum over next two years and Retention Payment to Key employees and consultants of SCI will be eligible for an aggregate amount of $2.21 million per annum at the end of Year 1, Year 2 and Year 3. This amount is contingent on achievement of certain performance thresholds. The purchase consideration shall be paid in cash. The consolidated revenue of SCI was $17.08 million for the year ended December 31, 2020. The acquisition is subject to customary closing conditions. The transaction is expected to complete within next 2 weeks. As of October 5, 2021, customary closing conditions have been met. 7 Mile Advisors, LLC acted as exclusive advisor to the company.
Persistent Systems Limited (BSE:533179) completed the acquisition of Software Corporation International on October 5, 2021.
Persistent Systems Limited is an India-based holding company engaged in the business of providing software products and technology services. The Companyâs segments include Banking, Financial Services, and Insurance (BFSI), Healthcare & Life Sciences, and Technology Companies and Emerging Verticals. The Company provides a range of services, including digital strategy and design, software product engineering, client experiences (CX) transformation, cloud & infrastructure, intelligent automation, enterprise information technology (IT) security, enterprise integration, application development and management, and data and analytics. The Company serves various industries, including banking and financial services, insurance, healthcare life sciences, software and hi-tech, and telecom and media. Its cloud and infrastructure offerings include Hybrid & Multi-Cloud Transformation, Data Center Modernization, Persistent Intelligent IT Operations (PiOps), and Cloud Advisory Services.