Persistent Systems Ltd. is on the lookout for acquisition opportunities in niche areas going forward, Chief Executive Officer Sandeep Kalra said.
The Pune-based IT services provider had a cash balance of more than Rs 26.8 crore at the end of the June quarter, and a part of that would be deployed towards potential acquisitions, “We will acquire for capability. Persistent Systems has always been known for being at the cutting edge of technology. And that’s where we will look for opportunities in Cloud, security, data or verticals,” Kalra said.
The company had in the previous quarter acquired the assets of Sureline Systems, a Pune-based cloud migration company.
“The company is in the cloud migration and modernisation space, and we have acquired the IP from the company,” said Kalra. “We will integrate this into our practices to further enhance our capabilities and build on that. It’s a very small acquisition revenue-wise, but capability wise it bolsters our ability to do application modernisation and migration.”
According to the CEO, the company is working with clients either on moving legacy apps to the cloud, which is where the Shoreline acquisition would help, or doing cloud-native product development.
Hiring Plans
Persistent Systems brought on board about 1,200 people during the quarter and has been hiring at this pace over the last few quarters. Kalra said this is likely to continue with a mix of fresh and lateral hires.
The company currently does not require employees to return to offices, but 5-10% of staff members are voluntarily operating out of office, he said. Persistent Systems is helping employees and their family members get vaccinated, Kalra said, adding that as these numbers increase, more people are likely to start returning to the office.
Source: Economic Times