Connect with us

Company News

Persistent Systems to acquire US-based Starfish for $20.7 million

Persistent Systems has announced the acquisition of the United States-based Starfish Associates in a $20.7 million deal to bolster its position in AI-powered Contact Centre and Unified Communications.

The company’s wholly-owned subsidiary Persistent Systems Inc, USA, has signed a Stock Purchase Agreement for the acquisition of Starfish Associates. The acquisition deal with the New Jersey-headquartered firm is expected to complete in 4-6 weeks, according to a company statement.

Persistent System said that the total purchase consideration for the acquisition of Starfish is $20.7 million, which includes upfront payment of $15.4 million to shareholders.

Sellers will be eligible for a maximum cumulative earnout of $5.1 million over the next two years contingent on achievement of certain performance thresholds, according to the company.

The digital engineering and enterprise modernization services provider stated that the proposed acquisition will help expand its AI-driven business transformation capabilities and expertise in driving operational productivity.

Starfish Associates is known for its enterprise communications automation platform and it serves the world’s largest enterprises including many Fortune 500 companies, an official statement said.

Starfish Associates’ platform and Persistent’s AI-powered automation capabilities along with a strong customer base would enable significant optimizations and agile responses to dynamic business environments, Persistent Systems added.

According to the Indian IT company, Starfish’s platform is an integration hub and workflow engine which helps in facilitating seamless connections across business applications and communication systems.

It enhances multi-vendor communication management through automation with platforms such as Amazon Connect, Avaya, Cisco, Genesys, and Microsoft Teams.

HFS Research CEO and Chief Analyst Phil Fersht said that the synergies between the two companies bring immediate benefits to Persistent’s clients and position the firm aggressively in the customer experience market. CNBCTV18

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2024 Communications Today

error: Content is protected !!