Persistent Systems Acquires 21% Stake in Nagarro SE

Persistent Systems Limited has announced the establishment of 'Galaxy Germany Holding SE' as a wholly-owned subsidiary in Germany to pursue M&A opportunities. Subsequently, through this subsidiary, Persistent has entered into an agreement to acquire a 21% stake in Nagarro SE, a listed German IT services company, from its largest shareholder, Lantano Beteiligungen GmbH. This strategic move aims to bolster Persistent's European presence, enhance scale, and diversify its global IT services platform. The acquisition of Galaxy Germany Holding SE was completed for EUR 135,000, and the Nagarro SE acquisition is subject to satisfaction of certain conditions.