Persistent Systems crosses $100 M revenue mark in Q4FY16; INR revenue grew 14.4% QoQ and annual revenue grew 22.3%

• Alignment of operations driving four key growth strategies
• Alliance with IBM to launch specialized Engineering Services for IBM Watson IoT platform
• Acquisitions and alliances in the year strengthen focus on Enterprise Digital Transformation including IoT (Internet of Things), add significantly to global footprint, and enhance Accelerite product portfolio

News Summary:

Persistent Systems (BSE & NSE: PERSISTENT), today announced quarterly sales of INR 6,771.10M and profit after tax of INR 808.07M while its annual sales was INR 23,123.31M and a profit after tax of INR 2,973.61M for the financial year ended March 31, 2016.

Consolidated Financial Highlights for the Financial Year 2015-16:

Consolidated Financial Highlights for the Quarter ended March 31, 2016:

Dividend:

On March 09, 2016, the Board of Directors approved payment of the 2nd Interim Dividend of INR 3 per Equity Share for the Financial Year 2015-16 by passing a resolution by way of circulation. The Board had earlier approved a 1st interim dividend of INR 5 per Equity Share.
The total dividend paid for FY15-16 is INR 8 per share. In view of the two interim dividends, the Board recommended that no final dividend be paid.

Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems:

“Our 25th year has been monumental with significant strategic acquisitions, partnerships and the new alignment of the Company into four key growth business lines – Digital, IBM Alliance, Services and Accelerite. This transformation positions us for our long-term success.”

Business Highlights from the Quarter:

• Announcement at IBM Interconnect of our alliance with IBM IoT to launch specialized Engineering Services for IBM Watson IoT platform, a significant addition to our new and ongoing alliances and relationship with IBM.
• Acquisitions of PRM Cloud Solutions (an Australia-based Salesforce partner and cloud application development firm) and GenWi (a flexible and customizable platform that delivers superior user experience) that continue to build our platform-centric approach to the experiences and Digital business.
• Partnership with ReachNet to Demonstrate Innovative Research Specific Informatics Infrastructure at HIMSS 2016 Conference in Las Vegas. ReachNet was joined by the Biocomplexity Institute at Virginia Tech for a panel on digital and actionable insights in healthcare at the Zinnov Confluence Conference in Santa Clara.
• Persistent is one of only two companies to be recognized by Zinnov Management Consulting in Leadership Zone across all service lines in its inaugural Zinnov Zones for Digital Services report.
• Anand Deshpande recognized for his visionary leadership by inclusion in Business Today’s “India’s Best CEOs” list.
• He was one of the two finalists in the EY India Entrepreneur of the Year 2015 award.
• Anand Deshpande awarded the Lokmat Maharashtrian Business Person of the Year.

Key Wins during the quarter:

• Multi-year, multi-million deal to build technology platform for claims transformation for a US based claims management provider
• Build and support a technology platform for digital transformation of one of the oldest mutual P&C insurers in the US
• Build platform as a service replacing legacy product for one of the payroll providers in the US
• Persistent API built on Oracle IDM gaining traction in the market helping major companies in pharma and publishing sector, build enterprise apps faster

Accelerite Highlights from the Quarter:

• The company closed its purchase of Citrix CloudPlatform and CloudPortal Business Manager product lines from Citrix Systems International GMBH, a Swiss subsidiary of Citrix Systems, Inc., and released the newest version of CloudPlatform this month.
• Announced Location-as-a-Service (LaaS) API Platform

About Persistent Systems:

Persistent Systems (BSE & NSE: PERSISTENT) builds software that drives the business of our customers; serving software product companies and enterprises with software at the core of their digital transformation.

Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit:
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