By Telecom
Lead Team: Persistent Systems, a provider of outsourced software product
development (OPD) services, has acquired the location business from Openwave
Systems through its US subsidiary.
We are
excited to acquire Openwave’s Location business. Persistent has a decade long
relationship with Openwave that has culminated in this transaction. We welcome
the Openwave Location team to Persistent family,” said Anand Deshpande,
chairman, managing director & CEO of Persistent Systems.
However, the
terms of the transaction were not disclosed by the company.
A few days
back, the company reported 25 percent quarter-on-quarter (q-o-q) jump in net
profit at Rs 40.58 crore for the quarter ended December 2011. Its revenues grew
12 percent at Rs 268 crore on q-o-q basis. The operating profit margins
improved by around 700 bps sequentially to 26 percent.
We are
looking forward to continuing to provide excellent services to Openwave’s
Location customers. This acquisition builds on Persistent’s momentum in growing
product maintenance and support services,” said Hari Haran, president of
Persistent Systems.
Recently, the company announced its partnership with IL&FS Education and Technology
Services to develop mobile based learning applications on IL&FS
Education’s, Exploriments learning platform.
Presently, the
company has a global team of 6,700+ employees, and its 300+ customers spread
across North America, Europe, and Asia.
