Persistent Systems Q2 revenue rises 20% to $487 mn | India Business News
Bengaluru: Persistent Systems reported revenue of $487.6 million for the September quarter, up 20% year-on-year and 7.8% sequentially in dollar terms. In constant currency, revenue grew 20.8% year-on-year and 7.8% quarter-on-quarter.The EBIT margin stood at 15%, compared with 15% in the previous quarter, with EBIT rising 1.6% sequentially.The company reported total contract value of $633.5 million in order bookings and annual contract value of $481 million during the quarter.In June, Persistent Systems launched an all-cash bid to acquire Germany’s Nagarro for around $1.3 billion. This transaction will create a $2.9-billion digital engineering and AI powerhouse with more than 46,000 employees.Sandeep Kalra, CEO and executive director, Persistent Systems, said, “We made substantial progress towards the Nagarro acquisition, securing approximately 94.04% of its share capital and voting rights, excluding treasury shares.” Shareholders approved an equity raise of up to $450 million, with combined equity and borrowings capped at $1.2 billion.Kalra said the proposed combination aligns with Persistent’s long-term mergers and acquisitions strategy to strengthen engineering capabilities, diversify its geographic presence and expand global delivery capabilities.Fortune 500 US insurer’s legacy personal-lines policy administration system to a cloud-native platform. Other projects involve using AI agents to streamline branch oversight and equipment finance operations for a leading US bank, and automating asset transfers, wire transfers and estate settlements for a large US financial services firm.
Source: timesofindia.indiatimes.com