Persistent Systems strengthens on launching early stage venture fund

05 Dec 2013

Persistent Systems is currently trading at Rs. 874.30, up by 4.75 points or 0.55% from its previous closing of Rs. 869.55 on the BSE.

The scrip opened at Rs. 877.90 and has touched a high and low of Rs. 880.00 and Rs. 874.00 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 906.45 on 26-Nov-2013 and a 52 week low of Rs. 476.00 on 11-Dec-2012.

Last one week high and low of the scrip stood at Rs. 889.10 and Rs. 851.40 respectively. The current market cap of the company is Rs. 3497.20 crore.

The promoters holding in the company stood at 38.96%, while Institutions and Non-Institutions held 36.51% and 24.53% respectively.

Persistent Systems, a software product and technology services provider, has launched Persistent Venture Fund, an early-stage fund to provide seed capital to companies operating in the areas of social, mobile, analytics and cloud computing (SMAC). The fund has already announced its first investment in US-based ustyme, a free video call app for iPad. The fund is focused on providing early stage companies from around the globe with seed capital for promising technology ventures. The initial investment recipient is ustyme, a free, video-call app for iPad that creates shared experiences through quality content, like books and games.

ustyme creates the context for spending time together and allows family and friends to read classic tales, such as ‘Goldilocks and the Three Bears’ and ‘Henny Penny’, and play well known games, like Checkers, Chess and Go Fish, while seeing and interacting with each other through a video-screen.

As a global player in the software product development and technology services space, the company intends to be a value-added partner to early stage entrepreneurs in its core sectors, investing in companies that have an advantaged solution and by enabling its investee companies to leverage Persistent’s domain expertise and customer reach to benefit the start-up.

Related Persistent Systems Ltd. Links:

Persistent Systems Share Price

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323