Sunil Sapre, executive director and CFO, Persistent Systems, said the company’s ability to work with the hyper-scale companies allows it an opportunity to grow these business segments. IBM and Salesforce segments were already contributing revenues of $100 million each annually and the plan was to scale up both Microsoft and Google Cloud business to the $100-million mark in two to three years. Persistent has been working with Amazon on the product engineering side as well as the Amazon Web cloud business. This is generating annual revenues of around $30-35 million.
The company enlarged its presence in the Google and Microsoft cloud ecosystems with two acquisitions in FY22. Persistent acquired Data Glove for $90 million and onboarded 700 professionals with expertise in the Microsoft Azure cloud business and MediaAgility for $71 million to accelerate the Google Cloud business.
Persistent’s FY22 revenues grew by 35.2% year-on-year to $765 million and it is inching towards the $ one billion annual revenue mark in FY23. Focus on large customers is expected to help the company sign larger deals. The company has forecast robust demand in FY23 with no headwinds expected due to any geopolitical concerns or global economic indicators. The pandemic-driven shift to digital and acceleration to cloud adoption was driving demand, Sapre said.
Working with the hyper scale companies in emerging technologies is expected to give Persistent a competitive edge and future-proof business for the next phase of growth.