|
Persistent Systems has entered into an Agreement with Data Glove IT Solutions (‘Data Glove India') on 10 February 2022 to acquire its assets.
Along with this transaction, the Company, through its wholly owned and step-down subsidiaries will acquire the assets of Data Glove Inc., USA and its affiliate entities based out of Australia, UK, Canada and Singapore. Persistent, through its German subsidiary will also acquire the equity of Data Glove's subsidiary in Costa Rica.
Through this acquisition, Persistent will enhance its partnership with Microsoft, strengthen expertise in Azure-based digital transformation and other offerings in the Microsoft stack, as well as expand its geographic footprint and talent pool.
The total purchase consideration payable for the acquisition of Data Glove Group is $90.50 M.
Post-closing, Persistent, through its wholly owned subsidiaries and affiliates, will acquire the assets of Data Glove Inc., its Indian subsidiary and its affiliates in geographies mentioned above. Additionally, 100% ownership of Data Glove IT Solutions Limitada, Costa Rica will be acquired by Persistent Systems Germany GmbH.
|