Persistent Systems on PARX acquisition at valuation of up $16 million

PUNE: Persistent Systems said today that it had acquired Swiss company PARX Werk for a consideration of upto $16mn or about 16mn Swiss francs. “We will be paying the company $8.5mn upfront once the closing conditions are met, and will pay out up to $16mn in total over the next three years in earn outs,” said Anand Deshpande, CEO, Persistent Systems.

The Swiss firm is a Salesforce Platinum partner with a strong presence in the DACH region on Germany, Austria and Switzerland with about 80 people across various locations in the region. Deshpande said that the team would be retained following the acquisition.

“The company has a strong presence in the European market and as we look at expanding our presence outside the US, this is one of the regions that we are looking at,” he said.

PARX focuses on born in the cloud platforms and technologies with no footprint in legacy technologies or services, said the company. This acquisition will help strengthen Persistent’s global capabilities in delivering digital transformation. Persistent too is a Salesforce Platinum Consulting partner for healthcare in the US and other regions. This comes on the back of the company's acquisition of PRM Cloud Solutions, a leading Salesforce consulting partner in Australia last year.