Persistent Systems buys US software firm Starfish Associates for Rs 173 crore
Persistent Systems (Persistent) today announced the intent to acquire 100% stake in US-based software firm Starfish Associates for $20.7 million (around Rs 173 crore). The acquisition is aimed to build on Persistent’s existing engineering capabilities in the Contact Center and Unified Communications space.
The total purchase consideration payable for the acquisition of Starfish is $20.7 million with upfront payment of $15.4 million (approximately Rs 130 crore) to shareholders, subject to customary adjustments for working capital, debt and cash on closing, as per the regulatory filing by Persistent.
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Offering CollegeCourseWebsiteMIT xPROMIT Technology Leadership and InnovationVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitUnder the financial terms, sellers will be eligible for a maximum cumulative earnout of $5.1 million over the next two years. This amount is contingent on achievement of certain performance thresholds. Further, certain key employees will be eligible for retention payment of an aggregate amount of $0.2 million over the next two years contingent on employment continuity.
“Known for its cutting-edge Enterprise Communications automation platform, Starfish Associates caters to the world’s largest enterprises including many Fortune 500 companies. Starfish Associates' automation platform excels as an intelligent integration hub and workflow engine,
