Persistent Systems Limited enters into asset acquisition agreement with Sureline Systems

Persistent Systems Limited has entered into an agreement dated May 20, 2021 with M/s. Sureline Systems Inc. and its subsidiary Sureline Systems India Private Limited (together 'Sureline Systems') for acquisition of selected contracts, IP, employees and assets used in the business from Sureline Systems.

The acquisition includes selected contracts, IP, employees and, assets used in the business ("Assets") from Sureline Systems Inc. and its subsidiary Sureline Systems India Private Limited (together 'Sureline Systems').

Sureline Systems revenue in CY20 was $2.69mn.

The acquisition bolsters the following cloud and infrastructure offerings of the listed entity:

- Cloud Advisory Services
- Cloud Migration and Modernization Offerings
- Multi-Cloud Managed Services

The maximum purchase consideration payable for the acquisition of the Assets is $2.5mn, subject to customary adjustment of working capital.

Shares of PERSISTENT SYSTEMS LTD. was last trading in BSE at Rs.2336 as compared to the previous close of Rs. 2404.7. The total number of shares traded during the day was 6912 in over 1161 trades.

The stock hit an intraday high of Rs. 2421.35 and intraday low of 2319.45. The net turnover during the day was Rs. 16327144.

Source : Equity Bulls

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