Pune-based information technology (IT) services major Persistent System announced on Thursday that it is acquiring CAPIOT, including its subsidiaries in Australia, India and Singapore, for $6.34 mn.
The acquisition will help Persistent ramp up its enterprise integration strategy offering, advisory services and implementing API (application programming interface)-led integrations.
Persistent will pay $5.45 million to acquire CAPIOT India and another $0.89 million to acquire CAPIOT US. The deal is expected to close in the next two-four weeks, according to company filings at stock exchanges.
Founded in 2014 by TIBCO veterans, Palo Alto, California headquartered CAPIOT specializes in enterprise integration with expertise in MuleSoft, Red Hat and TIBCO. In addition, CAPIOT delivers enterprise modernization, frameworks and industry data models. It derives nearly 50% of its revenue from BFSI customers. The company clocked $1.13 million and $1.28 million in revenues in FY20 and FY19 respectively.
“CAPIOT’s singular focus in enterprise integration with key platform players like MuleSoft and TIBCO coupled with proprietary frameworks and common data models have accelerated implementations, with many successful rollouts. Their strong history in enterprise integration will provide many of our clients an immediate benefit and will help us solidify our Salesforce ecosystem capabilities,” Sandeep Kalra, executive director and president, Persistent Systems said in a statement
In September, Massachusetts headquartered Actifio, a cloud data management solutions provider announced partnership with Persistent Systems to help enterprises with their data stack modernization initiatives.