Persistent Systems will hold a meeting of the Board of Directors of the Company on 25 July 2020.

Powered by Capital Market - Live News

Persistent Systems announced that the 30th Annual General Meeting (AGM) of the company will be held on 24 July 2020.

Powered by Capital Market - Live News

Persistent Systems and IBM announced a new collaboration to help accelerate IBM Cloud Pak deployments to speed clientsf enterprisemodernization and their move to the cloud.

Over the last year, more than 2,000 Persistent engineersand technical professionals have been extensively trained on critical containerization and Kubernetes skills needed to deliver value in multi]cloud environments, especially those leveraging IBM Cloud Pakson Red Hat OpenShift. Persistent also announced a new IBM Cloud Pak deployment practice to help organizations migrate and modernize IBM workloads across all cloud environments, including IBM public cloud and IBM Cloud services.

Persistent has been an IBM Business Partner for more than 17 years. Persistentfs expertise in solution development helps clients upgrade and migrate critical applications by leveraging the IBM Cloud Pak portfolio, including IBM Cloud Paks for Data, Automation, and Security. IBM Cloud Paks are enterprise ready containerized software solutions built on Red Hat OpenShift, designed to provide an open, faster and more secure way to move core business applications across all cloud environments, including IBM public cloud and IBM Cloud services.

Powered by Capital Market - Live News

Consolidated EBITDA stood at Rs 127.6 crore in Q4 March 2020, rising by 3.4% quarter on quarter (QoQ).

Persistent Systems' consolidated net profit declined 3.2% to Rs 340.28 crore on a 5.9% increase in revenue to Rs 3565.80 crore in the year ended March 2020 (FY20) over the the year ended March 2019 (FY19).

Commenting on company's performance, Christopher O'Connor, CEO & Executive Director, Persistent Systems said, “We closed FY20 very strong, for the first time in Persistent's history crossing the half billion-dollar mark in revenue. We had particular strength in our Technology Services Unit, which delivered a robust quarter driven through solid expansion. We continued a strong expansion of new logos across the business. While Covid-19 is presenting challenges, it is also unearthing business opportunities as every organization now understands that the status quo is not a viable option. Our prescient adoption of cloud technologies internally allowed us to enable more than 99% of our employees to work from home within the first week. This helped us ensure business continuity for our customers.”

The company said it has 72 active clients as of 31 March, which includes 20 large clients above $3 million. Attrition rate for Q4 March 2020 stood at 14.3% against 16.7% reported last year in the same period.

Shares of Persistent Systems were up 7.88% at Rs 5403. The result was announced after market yesterday, 5 May 2020.

Persistent Systems is engaged in the business of building software products. The firm offers complete product life cycle services.

Powered by Capital Market - Live News