Persistent Systems' revenue up 43 % in FY '06 - '07

By SiliconIndia   |   Tuesday, 31 July 2007, 07:00 Hrs
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Mumbai: Persistent Systems, a provider of Outsourced Product Development (OPD), today announced revenue growth of 43 percent for the financial year ending March 31, 2007 (FY07). Revenues during the year were $70 million compared to revenues of $49 million for the corresponding period in FY06.

Persistent Systems also registered an increase of 42 percent in net profit to 55 Crores in FY07 from 39 Crores in FY06. The cumulative aggregated growth rate (CAGR) was 55.8 percent over the last three years. During FY07, Persistent Systems added 64 new customers (including license sales) and increased its employee strength from 2400 in FY06 to 3,020.

With a view on strengthening its management team, Persistent Systems has brought on board Dr. Srikanth Sundararajan as Chief Operating Officer and Raj Sirohi as President of Persistent Systems Inc. -- a 100 percent subsidiary, based in Sunnyvale, California (USA) in the last financial year. Additionally, Persistent Systems has also setup a 100 percent subsidiary in Singapore to focus on deploying services to well-established partners looking to grow their business in the Asia Pacific region.

Commenting on these developments, Dr. Anand Deshpande, Chairman and Managing Director of Persistent Systems said, "The market for OPD is in high-growth phase. Software product companies, which traditionally did not rely much on outsourcing, are fast realizing its significance as a strategic contributor to their business."

Persistent Systems recently announced the acquisition of the India assets of U.S. based Metrikus which has helped establish the company's footprint in Hyderabad. Persistent Systems also has development centers in Pune, Nagpur, Goa and Bangalore.

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