"Infospectrum brings with it a strong culture of meritocracy and entrepreneurial drive, which will fit very well with that of Persistent Systems" - Jay Joshi, CEO ally, Inc.
Nagpur, India (PRWEB) March 10, 2011
CEO ally, Inc. (http://www.ceoally.com), a US-based M&A advisory firm, announced today the successful completion of the sale of the Outsourced Product Development (OPD) business of California based Infospectrum and its Nagpur, India based subsidiary, to Persistent Systems Ltd. (BSE & NSE: PERSISTENT). CEO ally, Inc. was the exclusive M&A advisor to Infospectrum for the transaction on the sell-side.
Girish Godbole, CEO and Founder of CEO ally, Inc. said that “Infospectrum has built a strong and scalable customer base in the US and in Europe, as well as niche OPD capabilities in key growth verticals of aerospace & defense, maritime & transportation logistics, and complex manufacturing that will drive growth.”
Jay Joshi, Director, who led CEO ally’s M&A advisory team for this transaction, added “Infospectrum brings with it a strong culture of meritocracy and entrepreneurial drive, which will fit very well with that of Persistent Systems. The management teams and technical teams of Infospectrum are expected to be fully integrated quickly to leverage the growth opportunities in Infospectrum’s niche market space.”
About CEO ally, Inc.:
CEO ally, Inc. is a boutique M&A advisory firm headquartered in Pittsburgh, Pennsylvania (USA) which focuses on small and mid-market transactions in the fields of IT services, software product companies, BPO services and engineering services. CEO ally, Inc. specializes in cross-border transactions between US-based companies and their counterparts in India, Europe and South America for buy-side as well as sell-side advisory services. For more information, please visit: http://www.ceoally.com
Infospectrum is a global software product development and technology services enterprise that specializes in serving complex manufacturing, asset-and service-oriented industries including aerospace & defense, complex manufacturing, maritime and transportation logistics, telecommunications, satellite imaging and geographic information system (GIS) industry verticals as well as the independent software vendors (ISVs) that serve them. For more information, please visit: http://www.info-spectrum.com
About Persistent Systems:
Established in 1990, Persistent Systems (BSE & NSE: PERSISTENT) is recognized as an award-winning technology company specializing in software product development services. With 5,400+ employees, innovative business models, and reusable assets and frameworks, Persistent helps customers increase revenues and margins, and enhance brand value. Persistent Systems has delivered over 3,000 software product releases in their last five years and has 290+ customers. The company has developed proven processes for the entire product lifecycle which reduce time-to-market while delivering consistent quality and customer satisfaction – as evidenced by customer partnerships that span many years. For more information, please visit: http://www.persistentsys.com
Persistent Systems Forward-looking and Cautionary Statements:
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, our revenues highly dependent on customers located in the United States, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, concentration of major operations of the Company in one city, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. The Company may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Stock Exchanges and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company.