Persistent Systems to buy US-based technology firm Genwi

Persistent Systems on Friday said it will acquire US-based Genwi for an undisclosed amount, a move that will help the Indian IT firm strengthen its digital offering portfolio.

The acquisition of San Jose-based Genwi by Persistent Systems further fortifies its leadership team with a focus on compelling experiences that are fundamental to "the embrace of digital transformation", Persistent said in a statement.

"Our strong differentiator is the 'how' of digital, and as such, we are keeping laser-focused on bringing together data, APIs and experiences for our customers to become digital," Persistent Digital President Sudhir Kulkarni said.

"Genwi's leadership team, its platform to build experiences and its marketing system add to our solution and architecture that drives our customers' transformation to software-driven businesses."

Genwi founder and CEO Rahul Patel said the company's goal is to help businesses build new experiences.

"This digital mission has driven us every day and we know our platform will help build the software-driven experiences that are key to the digital transformation of Persistent's customers," he added.

Genwi is a privately-held company based in San Jose and has an office in Bengaluru. Its solution powers marketing teams at Global 1,000 companies.

Its investors include Elevation Partners, Floodgate, Nexus Venture Partners, Inventus Capital Partners and Quest Venture Partners.

Last month, Persistent had said it will acquire assets of PRM Cloud Solutions, an Australia-based firm, for an undisclosed amount.

During the month, it also closed the acquisition of Citrix Systems' CloudPlatform and CloudPortal Business Manager product lines.

On Friday, the shares of Persistent closed at Rs 740.55 a piece, lower by 2.77% than the previous close on BSE.