Persistent also acquired New Jersey-based Shree Partners and its India subsidiary Shree Infosoft.
Persistent Systems on Wednesday announced the acquisition of Software Corporation International (SCI) and its affiliate Fusion360. Persistent also acquired New Jersey-based Shree Partners and its India subsidiary Shree Infosoft. Persistent will be acquiring 100% in both these companies for a cash payment of $53 million for SCI and $6.87 million for Shree’s US and Indian business.
For SCI, Persistent would be paying $34.45 million upfront and $5.96 million per annum over the next two years. Also, Persistent would pay $2.21 million per annum for three years to retain key employees. To acquire Shree Partners, an upfront payment of $3.37 million and $1.5 million per annum will be made over two years. Another $500,000 would be paid to retain employees over next three years.
Persistent said the North Carolina-based SCI brings deep domain consulting capabilities specialising in payment solutions, integration and support services. Fusion360 provides application development, maintenance and support for payment platforms including IBM’s Financial Transaction Manager. SCI would serve as the foundation for Persistent’s new dedicated payments business unit.
Persistent’s second acquisition, Shree Partners, is a digital transformation and technology solutions company that helps clients in BFSI and other industries increase profitability by implementing and maintaining innovative cloud, infrastructure, data and AI/ML solutions that reduce costs and drive revenue.
Sandeep Kalra, chief executive officer & executive director, Persistent Systems, said with the addition of SCI and Fusion360, they were forming a new payments business unit and expanding their BFSI expertise as well as client portfolio.
Persistent is seeing rapid acceleration of digital transformation of their financial services clients, who not only require technology but domain expertise in areas like payments and regulatory compliance, Kalra said.