Persistent Systems has entered into an agreement with Sureline Systems Inc. and its subsidiary Sureline Systems India Private Limited (together 'Sureline Systems') for the acquisition of selected contracts, IP, employees and assets used in the business from Sureline Systems.
The maximum purchase consideration payable for the acquisition of the Assets is $2.5mn, subject to customary adjustment of working capital.
The share purchase agreement has been executed and closed on May 20, 2021.
Sureline Systems provides cloud migration and disaster recovery (DR) solutions. Persistent is acquiring selected contracts, IP, employees and assets used in the business of Sureline Systems.
At around 2.52 PM, Persistent was trading at Rs2390.10 per piece up by Rs59.75 or 2.56% on Sensex.