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Persistent Systems Acquires Pune Based CloudSquads

persistent_cloudsquadsBSE-listed software product and technology services company Persistent Systems has acquired CloudSquads, a consultancy company that has created social communities for 70 global companies, for an undisclosed amount. The terms of the deal were not disclosed, and are subject to certain closing conditions, Persistent said in its BSE listing.

CloudSquads was founded by Ashish Seth and Henry Bruckstein and has offices in Santa Clara and Pune. It deploys, integrates and runs social communities that uses conversations on social media sites and converts them into actionable insights for marketing, sales and customer service. Its customers include GE, Comcast, BT, Salesforce, Genesys, Logitech, Sandisk, Autodesk, Etrade, Intuit, Aruba, among others.

Persistent Systems offers solutions in the fields of analytics, big data, cloud, collaboration, mobility and security. In Q3-FY14 Persistent had said that its revenues in US had increased by 15% to $69.94 million and revenues in India by 30% to Rs 432.76 crore. It had also reported a profit after tax of Rs 62.20 crore, a YoY growth of 29.7% and QoQ growth of 5.6%.

Past investments: In December 2013, it had launched an early stage fund called Persistent Venture Fund which will focus on social, mobile, analytics and cloud computing (SMAC) technologies and provide seed capital for early stage companies in these segments. This fund had invested in Ustyme, a free, video-call app for iPad that creates shared experiences through quality content, like books and games and DxNow, a life sciences company that leverages advanced microfluidic and imaging technologies for point-of-care diagnostic solutions.

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.

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