Persistent Systems shares in focus as IT firm acquires Starfish Associates
Persistent Systems shares are up 31 per cent in the past one month and 86 per cent in the one-year period. This is against 14 per cent rise in the BSE IT index in the one month and 28 per cent jump in the technology index in the one-year period.
- Jul 3, 2024,
- Updated Jul 3, 2024 8:04 AM IST
Shares of Persistent Systems are in focus on Wednesday morning after the IT firm announced acquisition of New Jersey-based Starfish Associates. The strategic acquisition builds on Persistent's existing engineering capabilities in the Contact Center and Unified Communications space, expanding its strong AI-driven business transformation capabilities, Persistent Systems told stock exchanges.
Persistent Systems Inc, USA, a wholly-owned subsidiary entered into a stock purchase agreement on July 2, 2024 for the acquisition of Starfish Associates, LLC, USA. The total purchase consideration payable for the acquisition of Starfish is $20.7 million. This includes an upfront payment of $15.4 million to shareholders, subject to customary adjustments for working capital, debt and cash on closing.
Shares of Persistent Systems are up 31 per cent in the past one month and 86 per cent in the one-year period. This is against 14 per cent rise in the BSE IT index in the one month and 28 per cent jump in the technology index in the one-year period.
Known for its Enterprise Communications automation platform, Starfish Associates caters to the world’s largest enterprises including many Fortune 500 companies. "This acquisition brings together Starfish Associates’ innovative platform with Persistent’s leading AI-powered automation capabilities and a strong customer base, enabling significant optimizations, enhanced efficiencies for workflows, and agile responses to dynamic business environment," Persistent Systems said.
As per Persistent Systems, Starfish Associates' automation platform excels as an intelligent integration hub and workflow engine, facilitating seamless connections across a myriad of business applications and communication systems.
"It enhances multi-vendor communication management through automation with platforms such as Amazon Connect, Avaya, Cisco, Genesys, and Microsoft Teams. In addition, it integrates with key business applications like ServiceNow, Workday, and Microsoft Active Directory to streamline workflows and operations," it said.
Shares of Persistent Systems are in focus on Wednesday morning after the IT firm announced acquisition of New Jersey-based Starfish Associates. The strategic acquisition builds on Persistent's existing engineering capabilities in the Contact Center and Unified Communications space, expanding its strong AI-driven business transformation capabilities, Persistent Systems told stock exchanges.
Persistent Systems Inc, USA, a wholly-owned subsidiary entered into a stock purchase agreement on July 2, 2024 for the acquisition of Starfish Associates, LLC, USA. The total purchase consideration payable for the acquisition of Starfish is $20.7 million. This includes an upfront payment of $15.4 million to shareholders, subject to customary adjustments for working capital, debt and cash on closing.
Shares of Persistent Systems are up 31 per cent in the past one month and 86 per cent in the one-year period. This is against 14 per cent rise in the BSE IT index in the one month and 28 per cent jump in the technology index in the one-year period.
Known for its Enterprise Communications automation platform, Starfish Associates caters to the world’s largest enterprises including many Fortune 500 companies. "This acquisition brings together Starfish Associates’ innovative platform with Persistent’s leading AI-powered automation capabilities and a strong customer base, enabling significant optimizations, enhanced efficiencies for workflows, and agile responses to dynamic business environment," Persistent Systems said.
As per Persistent Systems, Starfish Associates' automation platform excels as an intelligent integration hub and workflow engine, facilitating seamless connections across a myriad of business applications and communication systems.
"It enhances multi-vendor communication management through automation with platforms such as Amazon Connect, Avaya, Cisco, Genesys, and Microsoft Teams. In addition, it integrates with key business applications like ServiceNow, Workday, and Microsoft Active Directory to streamline workflows and operations," it said.