Persistent Acquires SCI and Shree Partners for Financial Services and Cloud Consulting Expertise
These are technology M&A deals 600 and 601 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
The two deals help grow Persistent’s financial services and cloud consulting expertise.
Persistent Systems Acquires Software Corporation International
Founded in 1990 and headquartered in Charlotte, North Carolina, SCI specializes in payment solutions, integration, and support services for a portfolio of U.S, banks. The acquisition of SCI also includes its affiliate, Fusion360, which provides application development, maintenance and support for various payment platforms including IBM’s Financial Transaction Manager.
The payments IT services market is expected to grow by 12.5 percent in 2021 to reach $16.8 billion, according to Everest Group. The addition of SCI will serve as the foundation of a dedicated payments business unit at Persistent, according to the company.
Ronak Doshi, partner, Everest Group, commented:
“Evolving regulations, accelerated adoption of real-time Payments, and customer demand for a seamless Payments experience across all channels are pushing the industry to invest heavily in modernizing its technology. Persistent Systems’ acquisition of SCI and Fusion360 will help position it to take advantage of the Payments modernization demand acceleration.”
Persistent Systems Acquires Shree Partners
Meanwhile, the East Brunswick, New Jersey-based Shree Partners was established in 2005 as a digital transformation and technology solutions company that provides cloud, infrastructure, data and AI/ML solutions to clients, especially in the BFSI (banking, financial services and insurance) industry.
The acquisition of Shree includes a subsidiary company in India, according to Persistent.
Sandeep Kalra, CEO and executive director, Persistent Systems, commented:
“We continue to see rapid acceleration of digital transformation with our financial services clients, requiring not only technology but domain expertise in areas like Payments and regulatory compliance. With the addition of SCI and Fusion360, we are forming a new Payments business unit and expanding our BFSI expertise as well as client portfolio. Similarly, Shree Partners expands our Cloud and IT Infrastructure capabilities in BFSI and Travel & Hospitality. Importantly, these acquisitions bring us new points of presence in Charlotte, North Carolina, and the National Capital Region (NCR), India, bringing in new digital transformation talent to serve our clients.”
Keith Sides, chief executive officer, SCI, said:
“I am excited about our future as part of Persistent and the many benefits it provides for both our clients and our employees. Combining our deep Payments domain knowledge with Persistent’s digital engineering, next-gen cloud services and global footprint allows us to deliver immediate value to any Payments modernization initiative.”
Rajiv Dahiya, chief executive officer, Shree Partners, added:
“At Shree Partners, we have consistently helped our clients lower their TCO through continuous innovation, leveraging the latest disruptive technologies. By joining Persistent, we will be able to expand the business value we are delivering to our clients by tapping the expertise of over 14,500 Digital Engineers. At the same time, we look forward to bringing our cloud, infrastructure, security and AI capabilities to many new organizations looking to accelerate their digital transformation.”
Persistent has been expanding organically over the last few years, founding development centers in Mexico, Israel and various locations throughout the United States. The company has also expanded through various M&A plays, including the acquisition of Salesforce partner PARX Werk in 2017 and PRM Cloud Solutions, which claimed to be the leading Salesforce consulting partner in Australia, in 2016.