M&A

M&A

Persistent Systems to acquire US-based cloud engg co MediaAgility for $72-M

Press Release,   BSE Disclosure  

Publicly listed, Pune-based Persistent Systems is to acquire 100% stake in Princeton, NJ (USA)-based global cloud transformation services provider MediaAgility for USD 71.71 million. The acquisition, to be completed in six to eight weeks, will enable Persistent to expand its ability to execute cloud-based digital transformation journeys for its global clients. Persistent would be making an upfront payment of USD 53.25 million for the acquisition. Shareholders of MediaAgility would be eligible for a maximum cumulative earnout of USD 17.75 million over the next two years on crossing performance milestones. MediaAgility provides cloud-native application development and modernization, analytics and AI, cloud engineering, migrations and managed services to its enterprise service clients across the world. MediaAgility had a consolidated revenue of USD 25.50 million as of December 2021.