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Nirmal Bang Report
Persistent Systems Ltd. on March 14, 2022 entered into an agreement to acquire MediaAgility, a Google Cloud Premier partner for ~$72 million at an enterprise value/trailing twelve months sales multiple of 2.8 times. This follows the acquisition of Data Glove that it announced in February 2022.
Data Glove has capabilities in Azure, Microsoft's cloud platform. Data Glove was bought at a valuation of 1.95 times EV/sales. Prior to that, Persistent Systems had acquired Software Corporation International and Shree Partners (acquisition deepens banking, financial services and insurance capabilities) in September 2021.
In total, Persistent Systems has committed a $220 million to acquisitions in FY22. The company had articulated interest in building capabilities in five ecosystems - IBM Cloud, Microsoft Azure, Google Cloud, AWS and Salesforce and in the key verticals of high-tech, BFSI and healthcare.
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