Persistent hits $100-mn revenue mark

PUNE, INDIA: Outsourced product development player Persistent Systems has crossed the $100 million revenue milestone.

The company said it stays on track with expansion plans in new facilities, fuelled by a 51.3 per cent growth in dollar terms.

“Persistent could leverage the benefits of scale and having projects at better prices. All that has led to the over 51 per cent growth and we will continue to sustain our benchmarks ahead too,” said Dr Anand Deshpande, chairman and managing director at a press conference today.

The company’s active customers as of March 31, 2008 stand at 152.

The company stepped back with its IPO plans some time back citing adverse market conditions but says it will file the DRHP again when the market seems right.

Persistent will also be starting its operations anew in an SEZ development center in Hyderabad with a seating strength of 1000 engineers by the end of FY 09.

The company announced its financial results today.

Revenue in dollar terms grew from $69.92 million for FY 07 to $105.80 million in FY 08 showing a growth of 51.3 per cent.