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Persistent Systems acquires Akumina

persistent systems

Pune based IT company Persistent Systems has acquired digital content management company Akumina for an undisclosed amount, reports IIFL. Akumina is the maker of InterChange software platform that optimizes user experiences for digital businesses using Microsoft SharePoint. Persistent Systems offers solutions in the fields of analytics, big data, cloud, collaboration, mobility and security.

In February, it was reported that 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 it if the startup was doing good.

It had also launched an early stage fund called Persistent Venture Fund in December 2013. The fund focused on social, mobile, analytics and cloud computing (SMAC) technologies and provides seed capital for early stage companies in these segments. Its portfolio companies include California-based wearable tech startup Hyginex, video calling iPad app Ustyme and life sciences company DxNow.

CloudSquads acquisition: In February 2014, Persistent Systems had also 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 were subject to certain closing conditions. 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.

Other developments:

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– In July last year, 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.


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