Persistent Systems to Acquire Assets from Soho Dragon Solutions for $5.94 M

Persistent Systems Limited has entered into an Asset Purchase Agreement with M/s. Soho Dragon Solutions India Private Limited on January 6, 2025, to acquire select assets from Soho. The transaction is subject to customary closing conditions and includes select employees, contractors, and a customer contract. The annual revenue from these assets is estimated to be $4.9 M. The acquisition is expected to be completed within 4-8 weeks and will help in consolidating the relationship with a strategic and large customer in the BFSI domain. The total purchase consideration payable for the acquisition is $5.94 M, which includes an upfront payment of $3.19 M, an earnout of up to $2.48 M over three years, and a retention payment of $0.27 M for retention of a few key employees.