Persistent Systems Ltd.

Persistent Systems through its wholly owned subsidiaries and affiliates has entered into a stock purchase agreement with MediaAgility India and MediaAgility Inc to acquire MediaAgility Inc. and its subsidiaries in India, UK, Mexico and Singapore. The company will make an upfront payment of $53.25 million to shareholders of MediaAgility. Besides this, shareholders of MediaAgility will be eligible for maximum cumulative earnout of $17.75 million over the next two years subject to certain performance thresholds. The acquisition cost also involves $0.71 million payment to MediaAgility over the next two years subject to their employment continuity.

The acquisition will enhance company’s partnership with Google and will be the foundation for a dedicated Google business unit. This will enable the company to offer verticalized solutions around the Google cloud ecosystem, in-line with our strategy to add relevant skills across key hyperscaler partners. The expected period of acquisition will be completed (Closing of the proposed transaction) within 6-8 weeks or as soon as thereafter, subject to satisfaction of customary closing conditions.

Persistent Systems is a global company specializing in software product and technology services.