Persistent at new high

Persistent Systems said that it has acquired New Jersey-based Starfish Associates. The company said that this acquisition builds on Persistent's existing engineering capabilities in the Contact Center and Unified Communications space, expanding its strong AI-driven business transformation capabilities.

Persistent Systems Inc, USA, a wholly-owned subsidiary entered into a stock purchase agreement on July 2, 2024 for the acquisition of Starfish Associates, LLC, USA. The total purchase consideration payable for the acquisition of Starfish is $20.7 million. This includes an upfront payment of $15.4 million to shareholders, subject to customary adjustments for working capital, debt and cash on closing.

The stock price reacted to this news, which from a close of Rs.4595.90 rose and went on to hit a new 52-week high at Rs.4757.25.