Persistent Systems

Persistent Systems
Company type
Public
BSE: 533179
NSE: PERSISTENT
IndustryInformation technology
Founded1990; 36 years ago (1990)
FounderAnand Deshpande
HeadquartersPune, Maharashtra, India
Key people
  • Anand Deshpande (Chairman and MD)
  • Sandeep Kalra (CEO)
  • Vinit Teredesai (CFO)[1]
RevenueIncrease ₹11,938 crore (US$1.2 billion) (2025)
Increase ₹1,822 crore (US$190 million) (2025)
Increase ₹1,400 crore (US$150 million) (2025)
Number of employees
23,941 (December 2024)[2]
Websitepersistent.com
Footnotes / references
Financials as of 31 March 2025.[3]

Persistent Systems Limited is an Indian multinational technology company based in Pune. Founded in 1990, it provides information technology and software engineering services.[4]

History

Persistent's Pingala-Aryabhata campus in Pune

Persistent Systems was founded in 1990 by Anand Deshpande, a former Hewlett-Packard employee, with an investment of $21,000. In 2000, Intel Capital invested $1 million in the company for a 3.5% stake.[5] In 2005, Persistent raised $18.8 million from Norwest Venture Partners and Gabriel Venture Partners.[6]

Persistent Systems was listed on the National Stock Exchange of India and Bombay Stock Exchange in March 2010 after its initial public offering.[7]

In 2014, Persistent Systems incorporated Accelerite, a wholly owned subsidiary based in Silicon Valley, as its software products arm.[8][9] In 2016, Persistent Systems launched a specialized engineering service for IBM Watson IoT platform.[10] In 2019, Persistent joined Siemens' MindSphere partner program to deliver industrial internet of things (IIoT) services.[11]

Notable acquisitions

Year Company Price Ref.
2017 Parx Werk CHF16 million [12]
2021 Software Corporation International US$53 million [13]
2022 Data Glove US$90.5 million [14]
2022 MediaAgility US$71.71 million [15]
2024 Starfish Associates US$20.7 million [16]

References

  1. ^ "Persistent Systems appoints former LTIMindtree exec Vinit Teredesai as chief financial officer". Money Control. 16 May 2024. Retrieved 30 June 2024.
  2. ^ "Persistent Systems Q3 results: Net profit grows 30% YoY to Rs 373 crore, revenue up 23%". Moneycontrol. Retrieved 28 May 2025.
  3. ^ "Quarterly Results for FY 2024-25 - Fourth Quarter Ended March 31, 2025" (PDF). Persistent Systems. 24 April 2025. Retrieved 2 May 2025.
  4. ^ "Persistent Systems Ltd". Morningstar, Inc. 19 April 2024. Retrieved 22 April 2024.
  5. ^ Sonavane, Ravindra N. (3 September 2021). "Persistent's Deshpande joins club of billionaires". mint. Retrieved 22 April 2024.
  6. ^ "Persistent gets $18.8 million VC funding". Business Standard. Retrieved 22 April 2024.
  7. ^ "Persistent Systems IPO subscribed 93.3 times". Reuters. 19 March 2010. Archived from the original on 22 October 2019. Retrieved 22 October 2019.
  8. ^ "Persistent Systems introduces Accelrite to focus on product portfolio". Economic Times. 19 March 2014. Retrieved 4 March 2021.
  9. ^ "Persistent Systems buys two cloud products from Citrix". ET Telecom. Retrieved 22 October 2019.
  10. ^ Sangani, Priyanka (17 March 2016). "Persistent Systems launches specialised engineering services for IBM Watson IoT platform". The Economic Times. Retrieved 22 October 2019.
  11. ^ "Persistent Systems joins Siemens' MindSphere Partner Program for IoT solutions". The Economic Times. 3 May 2019. Retrieved 15 May 2019.
  12. ^ "Persistent Systems to acquire Swiss firm Parx Werk". VCCircle. Retrieved 22 April 2024.
  13. ^ "Persistent Systems to acquire SCI, Shree Infosoft for $60 million". Business Standard. Retrieved 22 April 2024.
  14. ^ "Persistent Systems acquires US-based Data Glove for $90.5 million". Business Standard. Retrieved 22 April 2024.
  15. ^ "Persistent Systems acquires US-based MediaAgility for nearly $72 million". 14 March 2022.
  16. ^ "Starfish Associates: Persistent Systems buys US software firm Starfish Associates for Rs 173 crore". The Economic Times. 3 July 2024.

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