Persistent Systems announced on Wednesday the acquisition of Software Corporation International (SCI) and its subsidiary Fusion360. Persistent also acquired New Jersey-based Shree Partners and its Indian subsidiary Shree Infosoft. Persistent will acquire 100% of these two companies for a cash payment of $ 53 million for SCI and $ 6.87 million for Shree’s US and Indian operations.
For SCI, Persistent would pay $ 34.45 million upfront and $ 5.96 million annually over the next two years. Additionally, Persistent would pay $ 2.21 million per year for three years to retain key employees. To acquire Shree Partners, an upfront payment of $ 3.37 million and $ 1.5 million per year will be made over two years. Another $ 500,000 would be paid to retain employees for the next three years.
Persistent said the North Carolina-based SCI brings in-depth advisory capabilities to the field specializing 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 basis for Persistent’s new payments business unit.
Persistent’s second acquisition, Shree Partners, is a technology solutions and digital transformation company that helps clients in BFSI and other industries increase their profitability by implementing and maintaining innovative cloud, infrastructure and infrastructure solutions. , data and AI / ML that reduce costs and generate revenue.
Sandeep Kalra, CEO and Executive Director of Persistent Systems, said that with the addition of SCI and Fusion360, they are forming a new payments business unit and expanding their BFSI expertise as well as their client portfolio.
Persistent is seeing a rapid acceleration in the digital transformation of its financial services clients, who not only need technology, but also expertise in areas such as payments and regulatory compliance, Kalra said.