persistent systems

Persistent Systems has signed an agreement to acquire Australia-based PRM Cloud Solutions, a subsidiary of Datetix Group, the company informed the BSE. The financial details of the deal were undisclosed.

PRM Cloud provides various cloud applications to organizations using the Salesforce and Force platforms. It offers services to connect employees working across offices, adhoc reporting and mobile services deployment. The company focuses on healthcare, construction and property management companies, with customers like Honda, Rio Tinto, Breast Cancer Network Australia (BCNA), Synergy and Workpower. It currently claims to have over 160,000 businesses running over 250,000 apps on its platform.

Note that Persistent has been increasingly focusing on acquisitions in cloud managed software services. In January, it had signed an agreement to acquire Citrix CloudPlatform and CloudPortal business manager products in an asset purchase transaction. The transaction, which was carried out through Persistent’s US based subsidiary, is subject to customary closing conditions and expected to close by this quarter.

Persistent’s other acquisitions: In November last year, Persistent acquired the digital content management company Akumina for an undisclosed amount. In February 2014, the company had also acquired CloudSquads, a consultancy company that has created social communities for 70 global companies, for an undisclosed amount. In July the same year, it entered into an asset purchase agreement to acquire certain assets of the mobile advertising firm Hoopz Planet Info.

VC fund for startups: In February last year, Persistent Systems launched a $10 million venture capital fund to invest in very early stage startups and the fund would look to invest in up to 40 startups. At the time, the company said that it had already invested in five startups internationally. It mentioned that it would stay invested for typically 3-5 years. Post this, it would acquire startups that were doing well.

Other developments:

– In July 2014, Persistent Systems entered into an asset purchase agreement to acquire certain assets of the mobile advertising firm Hoopz Planet Info. The terms of this acquisition terms or the financial details were not disclosed.

– Persistent had also created a joint venture with US-based wireless provider Sprint Nextel in 2011 to provide national long distance, international long distance, Internet services and managed network services in India.