Persistent Systems Inc, USA (wholly owned subsidiary) has entered into a Stock Purchase Agreement on 02 July 2024 (US Time) for the acquisition of Starfish Associates, LLC, USA.
Starfish is a global software company providing enterprise communication solutions to the world's largest enterprises including Fortune 500 companies. The enterprise communication platform of Starfish
excels as an intelligent integration hub and workflow engine, facilitating seamless connections across a myriad of business applications and communication systems. It enhances multi-vendor communication
management through automation with platforms such as Amazon Connect, Avaya, Cisco, Genesys, and Microsoft Teams. In addition, it integrates with key business applications like ServiceNow, Workday, and
Microsoft Active Directory to streamline workflows and operations.
The acquisition builds on Persistent's existing engineering capabilities in the Unified Communications and Contact Center, expanding its
strong AI-driven business transformation capabilities and expertise in driving operational excellence.
It is expected that the acquisition will be completed tentatively within 4-6 weeks subject to the satisfaction of customary closing conditions.
The total purchase consideration payable for the acquisition of Starfish is $20.7 million. This includes:
• Upfront payment – $15.4 M to shareholders, subject to customary adjustments for working capital, debt and cash on closing.
• Earnout – Sellers will be eligible for a maximum cumulative earnout of $5.1M over the next two years. This amount is contingent on achievement of certain performance thresholds.
• Retention Payment – Certain key employees will be eligible for an aggregate amount of $0.2M over the next two years contingent on
employment continuity.