Persistent Systems Establishes German Subsidiary, Acquires Nagarro Stake

Persistent Systems Limited announced the establishment of M/s. Galaxy Germany Holding SE as a wholly owned subsidiary in Germany, acquired for EUR 135,000. This subsidiary, BidCo, will serve as a strategic vehicle for potential M&A opportunities in the European region. Additionally, Persistent, through BidCo, has entered into a Share Purchase Agreement to acquire a 21% stake in Nagarro SE, a listed German entity, from its largest shareholder, Lantano Beteiligungen GmbH. This move aims to strengthen Persistent's European footprint and IT services platform.