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Persistent Systems

Persistent Systems Limited is an multinational technology services company headquartered in , specializing in digital engineering, enterprise modernization, and software product development services for industries including healthcare, , software and hi-tech, and . Founded in 1990 by Dr. Anand Deshpande, the company has grown into a global leader in delivering innovative solutions powered by , , data analytics, and . Since its inception, Persistent Systems has focused on helping clients reimagine business models through technology, evolving from early roots to a comprehensive provider of end-to-end services. The company went public on the in 2010 and has since expanded its portfolio to include generative AI solutions, cybersecurity, transformation, and application management, enabling clients to accelerate growth and operational efficiency. With over 26,000 employees across 18 countries, Persistent operates delivery centers in , , and , fostering a diverse that drives for clients. Notable achievements include being recognized as the fastest-growing IT services brand, with brand value surging 327% since 2020 according to the 2024 Brand Finance India 100 report, earning a Challenger position in the for Public Cloud IT Transformation Services, and achieving carbon neutrality for Scope 1 and 2 emissions a year ahead of its target in fiscal year 2023-24. In the quarter ended September 30, 2025, the company reported revenue of $406.2 million, reflecting 17.6% year-over-year growth and underscoring its momentum in AI-driven services.

Company Overview

Founding and Headquarters

Persistent Systems was founded in 1990 by Dr. Anand in , , , with an initial capital of $21,000 drawn from his personal savings. , a former engineer based in the United States, oversaw the incorporation of the company in May 1990 through his parents while he remained abroad, marking the beginning of a venture aimed at leveraging 's emerging software talent. From its outset, the company concentrated on outsourced software product development services tailored to independent software vendors (ISVs), distinguishing itself from broader IT outsourcing competitors by emphasizing specialized engineering processes for distributed teams. This foundational approach enabled Persistent to establish robust methodologies for agile product engineering early on. The of Persistent Systems are situated in , with the primary facility at Bhageerath, 402 Senapati Bapat Road, which includes modern infrastructure supporting collaborative engineering environments and a capacity for thousands of employees. In the company's initial phase, all operations were consolidated in , without the establishment of satellite offices, allowing for a focused buildup of core capabilities before broader geographic outreach. Persistent Systems' early ethos centered on engineering excellence in and cultivating enduring client partnerships, principles that have underpinned its growth as a digital engineering leader.

Leadership

Persistent Systems is led by a seasoned executive team focused on driving in digital engineering and AI-led transformation. Dr. Anand Deshpande serves as the Founder, Chairman, and Managing Director, overseeing the company's overall strategic direction since its inception in 1990. He holds a B.Tech in from , along with an M.S. and Ph.D. in from , and previously worked at Laboratories. Under his leadership, Persistent has evolved into a global digital engineering services provider emphasizing client-centric growth and . Sandeep Kalra has been the and since October 23, 2020, steering the company toward accelerated growth and a focus on . With over 30 years in the IT services industry, Kalra previously spent 16 years at HCL Technologies, where he led product engineering and expanded operations in and , and held key roles at Teleca and (now part of ), managing large-scale initiatives. A graduate of the , his appointment has been pivotal in positioning Persistent to exceed $1 billion in revenue through strategic expansions in and cloud services. Vinit Teredesai was appointed effective May 15, 2024, and effective April 24, 2025, managing , treasury, financial reporting, taxation, and . Bringing 29 years of experience, Teredesai was previously at , where he oversaw a $4.3 billion revenue operation and led its merger integration, and held roles at and . He is a qualified , Cost and Works Accountant, (USA), and a graduate of MIT Sloan's , Innovation, and Technology program. The board of directors comprises a balanced mix of executive and independent directors to ensure robust oversight and strategic guidance. Key members include executive directors Dr. Anand Deshpande, Sandeep Kalra, and Vinit Teredesai; and independent directors Praveen Kadle, Dr. Ambuj Goyal, Anjali Joshi, , Arvind Goel, Prof. Ajit Ranade, and Dan’l Lewin. The board operates through specialized committees, including the chaired by Praveen Kadle with members Dr. Ambuj Goyal, Anjali Joshi, and , and the Nomination and Remuneration Committee led by Dr. Ambuj Goyal with Praveen Kadle and . Persistent Systems adheres to Securities and Exchange Board of India (SEBI) regulations as a listed entity on the BSE and NSE, maintaining high standards of corporate governance through transparent reporting and ethical practices. The company emphasizes board diversity via its Board Diversity Policy, which mandates at least one woman director and promotes inclusive perspectives; current female independent directors include Anjali Joshi and Avani Davda. ESG principles are integrated into decision-making, guided by the company's ESG Policy aligned with UN Global Compact standards, with dedicated oversight from the board and ESG committee focusing on sustainability, diversity, equity, inclusion, and belonging (DEIB).

Financial Performance

Persistent Systems reported strong financial results for 2025 (FY25), ending March 31, 2025, with consolidated reaching ₹11,939 (US$1.41 billion), marking a 21.6% year-over-year increase in Indian rupees and 18.8% in US dollars. Net profit after tax (PAT) grew 28.1% to ₹1,400 (US$166 million), reflecting robust demand for its digital and software services amid a focus on AI-driven solutions. This performance extended the company's streak of 20 consecutive quarters of sequential growth, underscoring its operational resilience in a competitive IT services landscape. The company's shares have been listed on the National Stock Exchange (NSE) and (BSE) under the symbol PERSISTENT since April 2010, following its in March 2010. As of November 2025, Persistent Systems' stood at approximately ₹91,000 (US$10.8 billion). It maintains a consistent , declaring a total of ₹35 per share for FY25, comprising an interim of ₹20 and a proposed final of ₹15, resulting in a payout ratio of about 39%. Key financial ratios highlight Persistent Systems' solid and profitability. EBITDA margins for FY25 were 17.2%, supported by efficient cost management and higher-margin projects. The remained at zero, with no borrowings outstanding, indicating a strong, debt-free financial position that enhances for growth initiatives. Revenue for FY25 was diversified across geographies and industry verticals. Geographically, contributed 81% of total revenue, followed by at 9% and the rest of the world at 10%. By verticals, technology companies and emerging sectors accounted for 41%, healthcare and life sciences for 27%, and banking, , and (BFSI) for 32%, with digital engineering services forming the core of its offerings across these areas.

History

Early Years (1990–2000)

Persistent Systems was incorporated on May 30, 1990, in , , , as a bootstrapped venture operating initially from the founder's residence named ''. With limited resources, including a Rs 2 lakh tax refund and an equal amount borrowed from friends due to banking delays, the company began as the first to export software from 's Software Technology Park (STP), focusing on custom software development in a nascent IT landscape marked by inadequate , such as slow connections limited to 30 KB file uploads, and regulatory hurdles. The startup phase emphasized serving initial clients in the healthcare and sectors, securing its first contract in with GIP ALTAIR-02 Technology in for database-related projects, followed by engagements with and by , including migrating assembly code for a FORTRAN . Employee numbers grew from five in 1990 to 25 by and approximately 100 by , reflecting organic expansion without a dedicated . Key milestones included the development of early custom engineering tools, such as database query optimizers, and in 1997, the launch of the company's first product suite—PEnlist, PSEnsure, and PSEnquire—targeting software assurance and testing needs. compliance projects emerged as a major revenue driver in the late , with Persistent pioneering solutions as early as 1994 to address the , boosting its reputation amid global demand for remediation services. By 2000, the company had scaled to around 200 employees and navigated competitive pressures from low-end "body shop" models, shifting toward specialized product . This period culminated in the company's first external funding: a $1 million investment from via the Intel 64 Fund in April 2000, acquiring a 3.5% stake and valuing Persistent at approximately $28.6 million, specifically to support development of 64-bit migration tools. The infusion marked a transition from self-funded operations to strategic growth in offshore product development.

Growth and Public Listing (2001–2010)

In the early 2000s, Persistent Systems expanded its operations internationally by establishing a wholly owned , Persistent Systems , in the United States in October 2001 to better serve North American clients and facilitate offshore development from its Indian facilities. This move supported the company's focus on building offshore development centers in , , and other locations in , enabling cost-effective product engineering and software services for global independent software vendors (ISVs). By leveraging these centers, Persistent emphasized IP-led services, developing proprietary platforms and reusable assets to accelerate client product development cycles and differentiate from traditional body-shopping models. To fuel further international growth, Persistent secured $18.8 million in Series B funding in December 2005 from and Gabriel Venture Partners, aimed at enhancing its U.S. presence, hiring talent, and expanding engineering capabilities. This capital infusion enabled the company to strengthen partnerships, including long-standing collaborations with —initiated around 2001 for security and software solutions—and , focusing on joint product innovation and cloud integration services. These alliances helped Persistent transition toward high-value, IP-driven offerings in areas like application modernization and , contributing to steady ; by 2010 (ending March 2010), consolidated reached $127.31 million, reflecting a of over 40% since 2005 despite global economic challenges. Persistent culminated this growth phase with its (IPO) in March 2010, listing on the National Stock Exchange (NSE) and (BSE) on April 6, 2010. The book-built issue comprised 5.42 million equity shares at a price band of ₹290–₹310 per share, raising approximately ₹168 overall, including ₹128 from a fresh issue of 4.14 million shares. The IPO was oversubscribed 93.58 times, indicating strong market reception, and shares listed at a premium, closing 18% above the issue price on debut; post-IPO, the company introduced schemes to align incentives and retain talent amid its scaling ambitions.

Acquisitions and Expansion (2011–Present)

Since 2011, Persistent Systems has pursued an aggressive inorganic growth strategy through targeted acquisitions, focusing on enhancing its capabilities in emerging technologies such as , , and industry-specific solutions. This approach has enabled the company to expand its service portfolio, enter new markets, and integrate specialized expertise, contributing to a total acquisition spend exceeding $300 million over the period. The acquisition timeline began in February 2011 with Infospectrum India Private Limited's outsourced product development business, based in , , which strengthened Persistent's capabilities and added key clients in the healthcare and life sciences sectors. In 2012, Persistent acquired Openwave Systems Inc.'s location-based services business, bolstering its and offerings with expertise in geolocation technologies. The following years saw further diversification: in November 2015, the company acquired Akumina Inc.'s digital content management solutions business, enhancing its digital experience platforms for enterprise clients. By 2016, Persistent entered the cloud infrastructure space through its subsidiary Accelerite, acquiring Inc.'s CloudPlatform and CloudPortal product lines, which provided open-source cloud orchestration tools and marked a strategic entry into and services. This was followed in July 2017 by the acquisition of PARX Werk AG in for approximately $17 million, a Platinum Partner that expanded Persistent's footprint in the DACH region (, , ) and deepened its consulting expertise. In June 2019, Persistent acquired youperience GmbH in for up to €6.8 million ($7.7 million), another specialist, which was merged with PARX to create a leading European practice serving over 100 clients. The momentum continued into 2020 with the October acquisition of Capiot Software Inc. for $6.34 million, adding , TIBCO, and API-led integration capabilities to support enterprise data integration needs. In 2021, Persistent made multiple moves to bolster and : in May, it acquired select assets and employees from Sureline Systems Inc. for up to $2.5 million, enhancing multi- migration and services; later in September, it acquired Software Corporation International (SCI) and Shree Partners (including Shree Infosoft Pvt. Ltd.) for a combined $60 million, forming a dedicated payments unit and expanding expertise in banking, , and (BFSI) modernization. Significant scaling occurred in 2022 with two high-value deals: in February, Persistent acquired Data Glove Inc. for $90.5 million, a -focused firm, which facilitated entry into AI-driven solutions and the launch of a dedicated business unit; in March, it acquired MediaAgility Inc. for $71.7 million, a Premier Partner, further diversifying cloud consulting services. In September 2024, Persistent acquired Arrka Infosec Private Limited for ₹14.4 (approximately $1.7 million), a Pune-based firm, to advance and offerings. Earlier that year, in July 2024 (with closure in August), the company acquired Starfish Associates Inc., a New Jersey-based enterprise communications automation provider, strengthening AI-powered contact center and capabilities. In early 2025, Persistent continued its expansion in the BFSI sector through asset purchases from the SoHo Dragon group of companies, including identified assets from SoHo Dragon Inc. (US) in September 2024 for approximately $4.7 million, Soho Dragon Solutions India Private Limited in January 2025 (completed April 2025) for $5.94 million, and SoHo Dragon LT UAB (Lithuania) in February 2025 (completed March 2025) for about $1 million. These deals added engineering talent, client contracts, and expertise in software development services, enhancing relationships with key BFSI clients. These acquisitions have driven substantial business scaling, including office expansions in (e.g., and via PARX and youperience) and (e.g., enhanced presence in through Infospectrum and Arrka), alongside workforce growth to over 23,800 employees by fiscal year 2024. Strategically, the Citrix deal provided foundational cloud and entry, while Data Glove accelerated and data analytics proficiency; overall, the portfolio has diversified revenue into high-growth verticals like healthcare (via early Infospectrum integration) and (through SCI and Shree Partners), supporting Persistent's transition to a full-stack digital engineering leader.

Operations

Core Services

Persistent Systems provides a range of core services centered on outsourced software product engineering, which encompasses the full lifecycle of , including , , testing, and maintenance for clients seeking to build and scale digital products. This service enables enterprises to accelerate innovation while leveraging Persistent's expertise in solutions. Complementing this, the company offers services that focus on reimagining business processes through user-centric experiences, , and integration to drive efficiency and . Application modernization forms another pillar, involving the and upgrading of systems to cloud-native s, utilizing containers and serverless technologies to enhance and . Additionally, quality assurance services emphasize , security validation, and performance optimization to mitigate risks in software delivery. The company's services are tailored to key industry verticals, including healthcare, where it supports (EHR) systems and management solutions that analyze patient data for personalized interventions. In banking, , and (BFSI), Persistent delivers platforms and core modernization for , lending transformation, and intelligent operations to improve and . For , offerings include enablement through network optimization, private 5G labs, and service assurance to facilitate enterprise use cases and faster time-to-market. Notable clients across these verticals include , for whom Persistent provides AI-powered solutions and co-engineering, and , through partnerships in industrial and applications. Persistent employs an agile delivery model with scaled co-engineering PODs to foster collaborative development, alongside practices for , , and management, ensuring rapid iterations and reliable deployments. IP-based accelerators, such as , further enhance by providing generative tools like iAURA and SASVA for accelerating modernization and decision-making. These services form the backbone of Persistent's operations, for approximately 96% of in FY24, with a strong emphasis on long-term contracts that support sustained client partnerships and predictable growth.

Key Technologies

Persistent Systems specializes in several core technology domains that underpin its digital and enterprise modernization services. In , the company excels in migrations to platforms such as AWS and , enabling clients to optimize hybrid and multi-cloud environments through strategic assessments and implementation. For (IoT), Persistent leverages partnerships like its 2016 collaboration with IoT Platform, dedicating over 1,000 engineers to continuous and analytics for and device integration. In 2019, it joined ' MindSphere Partner Program to deliver industrial IoT solutions, focusing on connecting assets for data-driven insights in . The company's AI and machine learning (AI/ML) offerings emphasize generative AI solutions, including the Persistent GenAI Hub, which facilitates the development of AI-powered applications across industries like healthcare and . Big data analytics services integrate tools for ecosystem optimization, empowering clients to derive actionable insights from large-scale datasets via partnerships with Google Cloud, where Persistent holds a Data Analytics Specialization. Cybersecurity remains a foundational domain, with proprietary platforms providing unified security management, compliance tools, and managed services adhering to standards like ISO 27001 and SOC 2 Type II. Key innovations include proprietary platforms such as SASVA, an AI-powered platform that automates and testing, and the Multi-Cloud Platform, which unifies monitoring across private and public clouds. Persistent also contributes to open-source projects through its Hub, offering maintenance services for vulnerability remediation and patches in top repositories, ensuring enterprise-grade reliability. Strategic partnerships enhance these capabilities; for instance, Persistent's 2016 acquisition of and CloudPortal via its bolstered lifecycle management expertise. As an AWS Premier Tier Services Partner with over 2,800 certified professionals and 10 competencies, the company delivers validated migrations and GenAI integrations. Persistent invests in research and development, allocating approximately 0.18% of revenue to R&D in FY2025, with a focus on . This includes pilots in , such as explorations with D-Wave for proof-of-concept applications in optimization and simulation.

Global Presence

Persistent Systems maintains its headquarters in , , and operates across 18 countries with 23 national offices and 46 international offices, encompassing numerous delivery centers. Key delivery centers are located in , including , , , , , and , while international sites span the (such as Santa Clara, , Princeton, , and ), (including the , , , in , , , , , and ), and the region (such as , , and ). Additional presence includes , , , , and , supporting a global delivery model with expansions in fiscal year 2025, including acquisitions such as Associates and Arrka Infosec to strengthen cybersecurity and industry solutions. The company's workforce totals over 26,000 employees as of September 30, 2025, representing 58 nationalities and fostering a diverse environment that includes 45 specially-abled individuals. Women comprise 29.5% of the workforce, equating to approximately 7,670 employees, with initiatives like the Women Returnship Program 21 participants to enhance gender inclusion. serves as the central learning , delivering comprehensive in technical, domain, leadership, and power skills through hands-on programs, action-learning projects, and immersive experiences to support employee development and career . In terms of market strategies, in FY25 approximately 80.8% of Persistent Systems' revenue derived from , with 8.1% from , 9.4% from , and 1.7% from the rest of the world, reflecting a strong emphasis on the U.S. market. The company prioritizes nearshore delivery models to serve U.S. clients efficiently, leveraging facilities in locations such as , , and for proximity, cost-effectiveness, and talent access. Sustainability efforts are channeled through the Persistent Foundation, which focuses on initiatives primarily in but with global outreach principles. In 2025, the foundation allocated approximately ₹220 million to projects in , healthcare, , and , impacting over 31,000 vulnerable individuals. programs, such as the initiative, provide scholarships to girls and support for women engineers (reaching 500 participants), alongside 26 projects benefiting 7,623 students and computer donations to 23 schools, aiming to empower underserved communities.

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