Persistent Systems announced that it has entered into an agreement to acquire Software Corporation International (SCI), headquartered in Charlotte, North Carolina , and its subsidiary Fusion360, and the business of Shree Partners, based in East Brunswick, New Jersey , including its subsidiary in India.
Founded in 1990, SCI has extensive consulting expertise in payment solutions, integration and support for an impressive portfolio of leading US banks. In addition, Fusion360 provides application development, maintenance and support for leading payment platforms such as IBM’s Financial Transaction Manager (FTM), the company said in its statement.
Payments are fundamental to not just the financial services sector but all industries as it accelerates the adoption of digitization to improve the customer experience. SCI is expanding the capabilities of Persistent and will serve as the basis for a separate business unit for payments. According to the Everest Group, the payment IT services market is expected to grow 12.5% to $ 16.8 billion through 2021, the statement added.
Ronak Doshi , Partner, Everest Group: “Changing regulations, the accelerated adoption of real-time payments and customer demand for a seamless payment experience across all channels are forcing the industry to invest heavily in modernizing their technology. The acquisition of SCI and Fusion360 by Persistent Systems will enable the company to benefit from the accelerated need to modernize payments. “
Founded in 2005, Shree Partners is a digital transformation and technology solutions company that helps clients in BFSI and other industries increase their profitability by implementing and maintaining innovative cloud, infrastructure, data and AI / ML solutions, reduce costs and increase sales.
Sandeep Kalra , chairman and executive director, Persistent Systems: “We continue to see a rapid acceleration in digital transformation among our financial services customers who require not only technology but also expertise in areas such as payments and regulatory compliance. With SCI and Fusion360, we are forming a new business unit for payment transactions and expanding our BFSI expertise and our customer portfolio. Similarly, Shree Partners is expanding our cloud and IT infrastructure capacities in the areas of BFSI and Travel & Hospitality. It is important that we gain new locations in Charlotte, North Carolina , and in the National Capital Region (NCR), India, through these acquisitions and thus attract new talents for the digital transformation for our customers. “
D. Keith Sides , Executive Director, SCI: “I am looking forward to our future as part of Persistent and the many advantages that result from it for both our customers and our employees. By combining our in-depth knowledge of payments with digital engineering, next-generation cloud services and the global presence of Persistent, we can create immediate added value for every modernization initiative in payments. “
Rajiv Dahiya , Executive Director, Shree Partners: “At Shree Partners, we have always helped our customers lower their total cost of ownership through continuous innovation using the latest breakthrough technologies. By joining Persistent, we will be able to increase the business value we bring to our customers by leveraging the expertise of over 14,500 digital engineers. At the same time, we look forward to making our cloud, infrastructure, security and AI capabilities available to many new companies looking to accelerate their digital transformation. “
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.