Persistent Systems to invest over Rs 61 lakh in Internet of Things firm

NEW DELHI: IT firm Persistent Systems today said it will invest $ 100,000 (over Rs 61 lakh) in Pune- based products company, Altizon.

"The company has entered into a Stock Purchase Agreement with Altizon Systems, a Pune-based product company focused on the Internet of Things (IoT) to invest $ 100,000 (equivalent amount of INR)," Persistent said in a filing to the BSE.

This will be done by subscribing to the equity shares of Altizon in one or more tranches from time to time, it added.

"Immediately followed after entering into the above agreement, the company has also remitted Its first tranche of investment to Altizon," it said.

Shares of Persistent closed at Rs 1338.15 apiece, up 1.95 per cent from the previous close on c.

Based out of Pune and Boston, US, Altizon was co-founded by Vinay Nathan, Ranjit Nair and Yogesh Kulkarni in 2013. It is supported by marquee partners and has several deployments in progress for its products around Internet of Things (IoT).