Shares of Persistent Systems jumped 6 percent to Rs 3755 on the BSE in an intra-day session on Thursday after the company said its US subsidiary will acquire North Carolina-based Software Corporation International (SCI) and its affiliate, Fusion360. Persistent also acquired New Jersey-based Shree Partners and its India subsidiary Shree Infosoft for $6.87 million. Persistent will be acquiring 100% in both these companies for a cash payment of $53 million for SCI and $6.87 million for Shree’s US and Indian business.
For SCI, Persistent would be paying $34.45 million upfront and $5.96 million per annum over the next two years. Also, Persistent would pay $2.21 million per annum for three years to retain key employees. To acquire Shree Partners, an upfront payment of $3.37 million and $1.5 million per annum will be made over two years. Another $500,000 would be paid to retain employees over the next three years.
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