Annual Reports

Resilient and Future-Ready

The Persistent Way

The Persistent Way powers our ability to outperform competitors, enable growth, and unlock client value — a direct result of the resilience we’ve deliberately built into our company through years of investment, acquisition, and innovation.

Our resilience is reflected in many ways. Every day, we collaborate with clients to rethink and adapt their businesses so they can remain competitive in turbulent markets. We’ve fortified our operations to quickly respond to fast-moving industry and macroeconomic headwinds. Our expanded leadership team promotes efficient and productive processes for our employees and, by extension, our clients. Our resilience, which resulted in $1.186 billion in FY24 revenue and 16 quarters of sequential growth, also continues to deliver positive outcomes for our investors, with a record of achievement and industry recognition that no other provider can match.

Nonetheless, we don’t equate resilience with complacency or settling for the status quo. We match our resiliency with a simultaneous commitment to always remain future-ready and capitalise on new trends, technologies, and solutions for our clients’ benefit, backed by a rich history in AI, data, and Digital Engineering. Clients gravitate to our future-ready approach because we challenge conventional wisdom and business-as-usual thinking, pushing the boundaries of what’s possible for them and ourselves. We bring this same forward-thinking approach to our global team, arming them with new skills and training to promote their success, and encouraging them to make a positive difference in their communities and society at large.

We pride ourselves on developing scalable, trustworthy, and enterprise-ready solutions that prepare clients to lead in their industries and exceed customer expectations throughout different sectors. Through an unwavering focus on innovation and quality, our collaborative efforts with ecosystem partners, and our pioneering work in AI-enabled software engineering, product development, data and analytics, and cloud, we ensure continued growth and success for our clients and our business.

With each new client success and every breakthrough innovation, we demonstrate our differentiated market positioning, industry strength, and an enduring commitment to invest and grow by remaining Resilient and Future- Ready: The Persistent Way.

Engineering Success, Delivering Value

The Persistent Way

The Persistent Way allowed us to grow on our own terms, by our own design, through deliberate investments and decisions made as we forged our own unique path.

We initiated strategic acquisitions in cloud, security and hyperscalers to build upon our Digital Engineering expertise, enhanced our partner ecosystem to leverage its vast wealth of experience and expanded our global delivery footprint to be closer to our clients.
We engineered success for our clients as they searched for new avenues of growth, innovation and competitive advantage. We delivered value with solutions that had real-life human impact across the world. Perhaps most critically, we also created an environment that encourages our 22,750+ employees to strive for excellence as they apply their unique skills to solve customer challenges and produce meaningful outcomes for our clients.

All these characteristics make us one of the top-performing companies in our sector, exceptionally well-prepared to face and overcome any economic and business challenge.

The Persistent Way is never-ending. Looking ahead, we continue our journey with a renewed sense of commitment to grow our business far beyond $1 billion and generate- additional shareowner value. We will reach this goal only if we continue to focus on areas that create lasting results, beginning with investments in our people so that they feel valued for their talents and empowered to grow professionally and personally. We will enable them to give back and make a difference in the communities and countries in which they work and live. And we will collaborate with clients on new transformation and modernization initiatives anchored in our innovative IP and premier service delivery.

We are entering a new phase of our growth strategy and Digital Engineering leadership where we will continue engineering success and delivering value through The Persistent Way.

Unleashing Potential

Over the last year, we’ve witnessed an unprecedented acceleration in the adoption of digital technologies that are transforming the world.

Today, software, combined with cloud technology, is literally the foundation of every experience in our lives, especially the experience of business. We’ve prepared ourselves for leadership in this new era over many decades and through hundreds of engagements with some of the world’s most innovative companies. Our strong and consistent performance in the past year is an outcome of our readiness for this moment in time and a testament to our team’s impeccable execution.

Today, our differentiated expertise, core values and deep partnerships are essential to our various stakeholders as we work to unleash their full potential.

Our Expertise
Over 32 years, we’ve developed and invested in the Digital Engineering expertise that our clients now require to thrive in a software-driven, post-pandemic world. The demand for our comprehensive expertise that combines traditional software and product know-how with broader digital business and emerging technologies acumen is as strong as ever.

Our Clients
As trusted collaborators in the transformation agendas of our clients, we are working to engineer, deploy and integrate differentiating technologies that are driving industry innovation and unlocking new business value. Our work is helping organizations across industries to optimize cash, reduce costs and unlock growth through enhanced customer experiences and services.

Our People
Last year’s growth came with a significant infusion of talent and leadership across our business. It is our commitment to help each individual reach their full potential by providing world-class development programs — enabling global opportunities to work with the industry’s best and impacting the world in powerful, positive ways, using the latest technologies.

Our Ecosystem
Our partner ecosystem has been at the core of our strategy for many years, and today it is the bedrock of our success. Through organic and inorganic investments over the last few years, we’ve bolstered our skills, enhanced our joint value propositions and fortified the relationships required for growth in a world led by the cloud hyperscalers and other innovators.

Our Communities
We’ve always believed the world is one family. It is deeply ingrained in our values, culture and actions. We continue to help our communities emerge physically, economically and socially stronger through meaningful initiatives. We also include our employees and their families in our sustainability journey to build a healthier and stronger planet.

Resilience, Relationships, Reinvention

Reflecting upon the past year, there were three key attributes to the Company’s success — resilience, relationships and reinvention.
These three themes were a constant for Persistent through these challenging times and will provide the foundation for our future growth.

Resilience:
Despite many pressures, our employees faced during the pandemic, they remained strong, flexible and focused. We delivered high performance and business continuity not only for Persistent, but most importantly, our clients. Along with our partner ecosystem, we worked diligently to ensure our clients established the new cloud-enabled digital foundation that is critical to not only help them survive the last year but thrive in the long term.

Relationships:
Our teams proactively partnered with their clients as they charted their paths to digital acceleration. We provided differentiated, higher value and outcome-based engagement models. This last year strengthened our relationships for the long term and it was a visceral reminder that our decades of focus on client centricity is a winning strategy. Relationships matter.

Reinvention:
We drew on our 30 years of Digital Engineering experience and deep expertise in the latest cloud technologies. We now work with our clients to imagine, engineer, modernize, and manage the new software required to run fully digital businesses. Change is constant and it is only accelerating. As a Company, we continue to reinvent ourselves, evolving into a solution-focused innovator, bringing the most advanced technologies to our clients to help them do the same.

2020 marks the 30th anniversary of Persistent’s founding

Our journey has taken us from building market leading software products for ISV partners to becoming a global leader of digital transformation.

2020 also brought a global event few anticipated. We are grateful for the fast flexibility of our team to work remotely while providing continuity to our partners and clients.

Organizations now realize the urgent imperative in moving to become digital-first and we are well positioned to help clients make that transition. With our digital mosaic approach, we are building the ideal and unique combination of powerful cloud-based platforms, applications and tools for our clients, working with many of the leading cloud companies as partners.

We are excited to continue this journey.

Shaping the future of software driven business

In recent years, our capabilities of value have enabled us to have a seat at the business design tables with customers in the Banking, Insurance, Healthcare, Life Sciences and Industrial Sectors. We remain committed and capable of delivering value to these companies and help them build resilient technology-driven
business models.

Our exclusive focus on shaping new faces or projecting new personalities is an advantage for us, free of the baggage or legacy of outdated ways of doing business. This will distinguish us favorably with customers and as a business that is shaping the future of software driven business in each of these industry markets.

We are excited to continue this journey.

Navigating Technology Shifts

Technology shifts are leading to disruption in the industry and every business is under pressure to transform. Our industry is no different!

The need for change is universal. Over the last few years, we have invested in building tools, establishing partnerships, and getting our teams skilled in next generation technologies and techniques.

In this year’s annual report, we highlight how our teams are in the cockpit and in the control tower to help our customers navigate their business in this environment.

Life at Persistent

Last year our Annual Report was about Continuous Transformation by Design. We are preaching digital transformation to our customers and we practice what we preach. We successfully transformed our business from outsourced product development to helping our customers become software driven businesses. As our business is transforming so is our workforce!

For us, continuous transformation by design is not just a business principle, but a life-changing one. In this year’s annual report, we showcase how we are leveraging this idea to our own organization by putting to practice the principles of digital transformation to transform the lives of the people in our organization.

Continuous Transformation by Design

Over the last few years, we have seen an exponential growth in the proliferation of devices and sensors which are generating large volume of data, our ability to exploit cloud computing for storage and compute at scale at affordable prices, and the speed and wide reach of high-bandwidth communication channels.

The wide availability of mobile devices has ensured that each one of us has our own personal window to contribute, interact and respond to all that is happening around us on the internet. We live in a culture where we want access to information and want to respond instantaneously.

Advances in technology to manage large volume of data, coupled with advances in automation and machine-learning, has made it possible for us to monitor, observe and respond to changes in the world around us.

Running a business in this fast-changing and demanding world is both a stimulating and formidable challenge. This overwhelming and relentless pace of change is causing continuous disruption. The process is continuous and we must respond — by design!

Bringing Software to Life and Life to Software

Over the last 25 years, software has become ubiquitous in our life. Every aspect of our life is enabled by software, and it is hard to imagine life without software.

Over the last 50 years, software has evolved radically and has become a crucial part of our everyday lives. In the early years, software was restricted to computers that filled large rooms. After the PC was launched, computers found their way to every desktop. Computers became more accessible and every professional was working with software.

Over the last 25 years, computers, and hence software, has reached every single human being and touched every aspect of life. Mobile phones of today are more powerful than the fastest computers of the past, and billions of people across the world have information at their finger-tips through their mobile devices. Internet has connected us in ways beyond our imagination.

As we look forward, tens of billions of connected sensors will collect data across the universe. This data will be processed in real-time in a cloud-based environment, and will provide helpful insights to help us make our lives more exciting and fulfilling.

We are fortunate to have been part of ‘Bringing Software to Life and Life to Software’ for the last 25 years, and we look forward to an exhilarating future.