Persistent Systems acquires ControlNet

By agencies   |   Thursday, 17 November 2005, 08:00 Hrs
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PUNE: Persistent Systems, an outsourced software development company has acquired the Goa-based ControlNet India, a 100 percent subsidiary of the ControlNet Inc. based in California.

This has enabled Persistent Systems to enter the high growth embedded systems and application specific integrated circuit design (ASIC) space. Announcing this company’s Chairman and Manager Director, Anand Deshpande said, “The acquisition is part of our expansion strategy that enables us to enhance our business and technology expertise.” Besides, the company plans to grow its business by setting up a new facility in Pune, which will accommodate 2,500 people by March next year.

With this acquisition, the company got an opportunity to tap the embedded systems market, one of the main drivers of Indian R&D offshoring, he said, adding, "We expect revenues of $3-5 million from the Goa center by next year.”

The company has closed its previous financial year with the revenue of $33 million, and expecting to cross the $50 million mark in this financial year.

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