Information technology (IT) company Persistent Systems said on Friday it would buy certain assets from San Jose, California and Pune-based Sureline Systems in a cash deal of up to $2.5 million (Rs 18.2 crore).
The acquisition of selected contracts, intellectual properties, employees and assets will strengthen Persistent’s cloud and infrastructure offerings, the company said in a filing.
“This move will reduce cloud migration costs and speed up modernisation from on-premises data centres to multi-cloud environments,” Ravi Mathi, principal practitioner of Persistent, said in a blog post.
Persistent said it did not acquire shares in Sureline Systems. The mid-sized IT services provider has been on a mergers and acquisitions spree over the past few years to expand its presence and capabilities.
For example, last year it acquired Palo Alto, California-based Capiot Software Inc and its subsidiaries in Australia, India and Singapore to strengthen its enterprise integration capability.
Persistent was founded in 1990 by IIT Kharagpur alumnus Anand Deshpande who is chairman and managing director. The company develops software solutions for telecom, banking and financial services, life sciences and healthcare sectors.
Founded in 2010, Sureline Systems provides cloud migration and disaster recovery solutions. It has regional offices in Japan, India and Dubai.
The firm reported a revenue of $2.69 million for calendar year 2020.
