Persistent Systems crosses $100 million revenue mark in 4QFY16

Persistent Systems, the software development company, announced quarterly sales of Rs 6,771.10 million and profit after tax of Rs 808.07 million while its annual sales was Rs 23,123.31 million and a profit after tax of Rs 2,973.61 million for the financial year ended March 31, 2016. The business highlights from the quarter include the announcement at IBM Interconnect of their alliance with IBM IoT to launch specialised Engineering Services for IBM Watson IoT platform. It also acquired PRM Cloud Solutions, an Australia-based Salesforce partner and cloud application development firm and GenWi, a customisable platform that delivers superior user experience this quarter to build on its platform-centric approach to digital businesses. The quarter also saw Persistent Systems partner with ReachNet to Demonstrate Innovative Research Specific Informatics Infrastructure at HIMSS 2016 Conference in Las Vegas. ReachNet was joined by the Biocomplexity Institute at Virginia Tech for a panel on digital and actionable insights in healthcare at the Zinnov Confluence Conference in Santa Clara. Speaking about the results, Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems said, “Our 25th year has been monumental with significant strategic acquisitions, partnerships and the new alignment of the Company into four key growth business lines – Digital, IBM Alliance, Services and Accelerite. This transformation positions us for our long-term success.”