Persistent Systems revenues up

PUNE, INDIA: Persistent Systems also registered an increase of 42% in net profit to Rs.55 Crores in FY07 from Rs.39 Crores in FY06. The cumulative aggregated growth rate (CAGR) was 55.8% over the last 3 years. During FY07, Persistent Systems added 64 new customers (including license sales) and increased its employee strength from 2400 in FY06 to 3,020.

With a view on strengthening its management team, Persistent Systems has brought on board Dr. Srikanth Sundararajan as Chief Operating Officer and Raj Sirohi as President of Persistent Systems Inc. -- a 100% subsidiary, based in Sunnyvale, California (USA) in the last financial year.  Additionally, Persistent Systems has also setup a 100% subsidiary in Singapore to focus on deploying services to well-established partners looking to grow their business in the Asia Pacific region.

Commenting on these developments, Dr. Anand Deshpande, Chairman and Managing Director of Persistent Systems said, "The market for OPD is in high-growth phase.   Software product companies, who traditionally did not rely much on outsourcing, are fast realizing its significance as a strategic contributor to their business.   At Persistent Systems too, we have witnessed outstanding growth with existing and new customers given our unique focus across all aspects of the product lifecycle,"

Dr. Deshpande added,"We are very excited to have Dr. Srikanth Sundararajan and Raj Sirohi as part of our management team.   Their experience of more than 20 years in product development has lent a sharper focus to our offerings and set us up for scale."

Persistent Systems recently announced the acquisition of the India assets of US based Metrikus which has helped establish the company's footprint in Hyderabad.  Persistent Systems also has development centers in Pune, Nagpur, Goa and Bangalore.

Highlights of FY '06–'07:

Consolidated revenues of Rs. 314 Crores i.e. 70 million USD in FY07 and a net profit of Rs.55 Crores i.e. 12.36 million USD

Persistent Systems has added 64 new customers (including license sales) in FY07

Persistent Systems has increased headcount to 3018 in FY07

Persistent Systems has appointed Dr. Srikanth Sundararajan as Chief Operating Officer and Raj Sirohi as President for Persistent Systems Inc., USA

Persistent Systems has been ranked amongst the Top 50 fastest growing Indian technology companies by Deloitte Touche, Asia Pacific

Persistent Systems has entered into a partnership with Google as 'Search Appliance Partner' in FY07

Recent developments (FY '07-'08)

Persistent Systems has set up a 100% subsidiary -- Persistent Systems Pvt. Ltd. in Singapore

Persistent Systems has setup a Hyderabad Center with the acquisition of India assets of Metrikus, USA and ventured into Hyderabad city