Persistent Systems, a trusted Digital Engineering and enterprise modernization partner, has entered into an Asset Purchase Agreement with USA based SoHo Dragon Inc.
Persistent Systems entered the acquisition of SoHo’s identified assets on September 10, 2024. The assets being acquired include select employees, contractors and a customer contract. The annual revenue from these assets is estimated to be $9.3 M.
The total purchase consideration payable for the acquisition is $4.70 million, ~39.47 crore Indian Rupees. This includes:
- Upfront payment – $3.09 M
- Earnout – Maximum cumulative earnout of $1.49 M over three years. which is contingent on achievement of certain performance thresholds.
- Retention Payment – $0.12 M for retention of a few key employees.
Persistent Systems informs the exchange on September 10. The acquisition of the select assets will help in consolidating the relationship with a strategic and large customer in the BFSI domain.
About SoHo (https://www.sohodragon.nyc/)
Founded in 2010 & headquartered in New York, SoHo Dragon Inc. is a full-service Software Application Development company specializing in front office operations, corporate applications, hyperscaler technologies, data warehousing, and business intelligence. Persistent is acquiring select assets from Soho as mentioned above. The annual revenue from these assets is estimated to be $9.3 M.
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