Pune based information technology (IT) services company Persistent Systems said it will acquire the assets of San Jose, California and Pune based Sureline Systems, a cloud migration and disaster recovery solutions provider.
As part of the transaction, Persistent will onboard select contracts, IP, employees and assets from Sureline, in a cash transaction with a maximum purchase value of $2.5 million, the company said in a regulatory filing.
The acquisition will help Persistent strengthen its cloud advisory services, cloud migration and modernization offerings and multi-cloud managed services, Ravi Mathi, principal practitioner at Persistent, said in a blog post.
“In order to bolster our cloud transformation offerings and solutions, we’re excited to announce the acquisition of assets and a highly specialized team of cloud experts from Sureline Systems. This acquisition will reduce cloud migration costs and speed modernization from on-prem data centres to multi-cloud environments,” he said.
Incorporated in 2010 by Ravender Goyal, Sureline Systems recorded revenues of $2.69 million for the calendar year 2020, according to the filing.
In October 2020, Persistent Systems acquired enterprise software company CAPIOT for $6.34 million to ramp up its enterprise integration strategy offering. The company reported a 20.3% year-on-year growth in revenues for Q4 2020-21 at $152.82 million. The quarter ending March 31, 2021, saw PAT for the company grow by 64.3%, year-on-year.