Persistent Systems makes strategic acquisitions, announces payments unit

Pune-based information technology firm Persistent Systems said it will acquire Charlotte, a North Carolina-based Software Corporation International (SCI) and its affiliate, Fusion360, and the business of East Brunswick, New Jersey-based Shree Partners including its subsidiary in India.

Founded in 1990, SCI specializes in payment solutions, integration, and support services for an impressive portfolio of leading US banks. Further, Fusion360 provides application development, maintenance, and support for leading payment platforms including IBM’s Financial Transaction Manager (FTM).

SCI will help enhance Persistent’s capabilities and will serve as the foundation of a dedicated Payments business unit. 

According to Everest Group, the Payments IT services market is expected to grow by 12.5 per cent in 2021 to reach $16.8 billion.

“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,” said  Ronak Doshi, Partner, Everest Group.

Shree Partners, established in 2005, is a digital transformation and technology solutions company that helps clients in banking, financial services and insurance and other industries increase profitability by implementing and maintaining innovative cloud, infrastructure, data, and artificial intelligence and machine learning solutions that reduce costs and drive revenue.

“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,” said  Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent Systems.

D. Keith Sides, Chief Executive Officer, SCI said, "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.”

“At Shree Partners, we have consistently helped our clients lower their total cost of ownership 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,” said Rajiv Dahiya, Chief Executive Officer, Shree Partners.