Persistent Systems has entered into an Asset Purchase Agreement with M/s. Soho Dragon Solutions India for the acquisition of its identified assets on 06 January 2025, subject to the satisfaction of customary closing conditions.
The assets being acquired include select employees, contractors and a customer contract. The annual revenue from these assets is estimated to be $4.9 million.
Soho is primarily in the business of providing IT services to BFSI customers.
The total purchase consideration payable for the acquisition is $5.94 M. This includes:
Upfront payment – $3.19 M
Earnout – Maximum cumulative earnout of $2.48 M over three years. which is contingent on the achievement of certain performance thresholds. Retention Payment -$0.27 M for retention of a few key employees
Source: Business-Standard