Persistent Systems Ltd.

Persistent Systems, the leader in outsourced software product development (OPD) services, through its US subsidiary has acquired the Location business from Openwave Systems Inc. This acquisition will build the company’s momentum in growing product maintenance and support services. However, the company didn’t disclose the terms of the transaction.

Persistent Systems is an OPD specialty company offering customers the benefits of offshore delivery. It designs, develops and maintains software systems and solutions, creates new applications and enhances the functionality of the customers' existing software products.  

The company has posted a 1.68% increase in its net profit of Rs 37.62 crore for the quarter ended December 31, 2011 as compared to Rs 37 crore for the same quarter in the previous year. Net sales have increased by 32.35% to Rs 201.68 crore for quarter under review from Rs 152.38 for the corresponding quarter of the preceding year.