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  • Writer's pictureChesapeake Group

Persistent to acquire Software Corporation International and Shree Partners


On 29 September 2021, Persistent Systems announced the acquisitions of Software Corporation International (SCI), a payment solutions consultancy firm and Shree Partners, a digital transformation and technology solutions company for $53m and $7m respectively.

SCI augments Persistent’s BFSI expertise and will act as a foundation for creating a dedicated payments business unit.

Shree Partners enhances Persistent’s cloud transformation capabilities focusing on IT infrastructure, data and AI solutions.

About Persistent Systems:

Founded in 1990, Persistent Systems is a digital engineering and enterprise modernization services provider. It provides services for digital business strategy, digital product engineering, CX innovation & optimization, business intelligence, security and core IT modernization.

Headquartered in Pune, India, it recorded $560m revenue in FY 21(1) and has over 14,900 employees across 18 countries.

About SCI:

Founded in 1990, SCI provides consulting services for developing, implementing and management payment solutions to US-based banks. It specializes in IBM Financial Transaction Manager (FTM) application suite offering cloud-based deployment and integration services.

It recorded $17.1m revenue in CY 20. It is headquartered in Charlotte, NC.

About Shree Partners:

Founded in 2005, Shree Partners provides services for full stack development, product engineering, automation, data management & analytics, enterprise operations transformation and AI/ML solutions.

It recorded $7.6m revenue in FY 21(1). It is based in East Brunswick, NJ with offices in UK, Germany, Singapore, Australia and offshore delivery presence in India.

Rationale of the transaction:

The acquisitions are in line with Persistent’s strategy to acquire companies operating in niche growth areas and enhance capabilities in cloud, security and data.

The acquisition of SCI and its affiliate Fusion360 will be completed at an enterprise value of c.$53m, representing an EV / Revenue multiple of 3.1x based on CY 20 financials whereas that of Shree Partners will be completed at an enterprise value of c.$7m, representing an EV / Revenue multiple of 0.9x based on FY 21(1) financials.

While SCI adds several marquee clients to Persistent’s BFSI vertical, Shree Partners brings a diverse set of customers including a key strategic relationship with a leader in the global claims management industry.

Persistent gains a new international office in Charlotte, NC through SCI and a delivery center in NCR region, India through Shree Partners.


(1) YE: Mar

The Chesapeake Group was not an advisor in these transactions.


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