Technology

Persistent Achieves $345.5 Million Revenue in Q2 FY25 with 5.3% Q-o-Q, 18.4% Y-o-Y Growth

Published

2 hours ago

October 22, 2024

Advances AI-led, platform-driven services strategy

SANTA CLARA, Calif. and PUNE, India, Oct. 22, 2024 /PRNewswire/ — Persistent Systems (BSE: 533179) and (NSE: PERSISTENT) today announced the Company’s audited financial results for the quarter ended September 30, 2024, as approved by the Board of Directors.

Consolidated Financial Highlights for the Quarter ended September 30, 2024

Q2FY25

Margin%

QoQ

YoY

Revenue (USD Million)

345.5

5.3 %

18.4 %

Revenue (INR Million)

28,971.5

5.8 %

20.1 %

EBITDA (INR Million)

4,807.3

16.6 %

5.6 %

18.7 %

PBT (INR Million)

4,345.2

15.0 %

8.5 %

22.1 %

PAT (INR Million)

3,250.0

11.2 %

6.1 %

23.4 %

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent:

“We are proud to announce the 18th sequential quarter of revenue growth, delivering $345.5M revenue, an 18.4% increase year-over-year. In the same period, our PAT grew by 23.4% in rupee terms.

This quarter, we continued to strengthen our capabilities and advance our AI-led, platform-driven services strategy. We brought on Starfish Associates to elevate our AI-powered contact center modernization; the addition of Arrka expands our comprehensive offerings in digital governance, including data privacy, AI governance, and cybersecurity.

For the second year in a row, we were named a Challenger in the 2024 Gartner® Magic Quadrant™ for Public Cloud IT Transformation Services. We believe this inclusion underscores our differentiated cloud expertise and ability to deliver boutique-style client experiences using AI and automation.

Deepening our ESG commitment, I am pleased to share that we achieved carbon neutrality ahead of our target. These accomplishments demonstrate our dedication to delivering exceptional value to our clients while positively impacting the environment and society.”

Second Quarter FY25 Client Wins and Outcomes

The order booking for the quarter ended on September 30, 2024, was at $529.0 million in Total Contract Value (TCV) and at $348.3 million in Annual Contract Value (ACV) terms.

Some of the key wins for the quarter include:

Software, Hi-Tech & Emerging Industries

Enhancing the roadmap of product engineering and data engineering of the core application performance monitoring and observability platforms for a leading observability platform providerSetting up a global technology center for product engineering, customer support, and professional services to accelerate product roadmap and enhance productivity for a leading US-based cybersecurity companyStandardizing data management with a state-of-the-art data lake to improve utilization, predict stock, and reduce food waste for a global leader in food services and facilities management

Banking, Financial Services & Insurance

Modernizing cloud-based accounting software platform and report generation capabilities to improve user experience and business efficiency for one of the largest US-based fintech companiesTransforming and integrating front-office and regulatory technologies into a unified framework to reduce technical debt, enhance efficiency, and improve user experience for a large global financial conglomerateAccelerating go-to-market and upgrading technology stack with SASVA™ to scale flagship pricing and profitability management products for a leading financial analytics firm

Healthcare & Life Sciences

Establishing an AI-enabled software engineering hub and modernizing IT infrastructure for a PE-led carve-out of a leading life sciences and scientific instrumentation companyAccelerating the transition of the core research and development center to India securely and effectively for a leading US-based precision medicine and omics analytics providerDeveloping core applications to streamline customer on-boarding, device management, report management, and CRM integration for a leading UK-based organ transplant device manufacturer

News in the Quarter

Persistent Advances Data Privacy and AI-Driven Business Transformation with the Acquisition of Arrka Persistent Unveils SASVA™ 2.0: Revolutionizing AI-Driven Software Development and Business Acceleration Persistent Named as a Challenger in 2024 Gartner® Magic Quadrant™ for Public Cloud IT Transformation Services

Awards and Recognitions

Sandeep Kalra recognized the Best CEO in the IT Services (Emerging Companies) category by Fortune India Persistent Achieves Carbon Neutrality a Year Ahead of Target Persistent upgraded to Version 3 of CMMI Maturity Level 5 certification Persistent received Gold-level recognition in the 2024 Healthy Workplace Awards from Arogya World Persistent cited as a Leader in ISG Provider Lens™ for Google Cloud Ecosystem Partner 2024 Report For the third consecutive year, Persistent has been listed in the Constellation Shortlist™ 2024 for Public Cloud Transformation Services for Global For the second consecutive year, Persistent has been listed in the Constellation Shortlist ™ 2024 AI Services for Global Persistent has been listed in the Constellation ShortList™ 2024 for Custom Software Development Services Persistent has been listed in the Constellation Shortlist ™ 2024 for Customer Experience (CX) Operations Services for Global Persistent named a Leader in Everest Group’s BFSI-specific Software Product Engineering Services PEAK Matrix® Assessment 2024 Persistent Named Fastest Growing IT Services Brand in the 2024 Brand Finance India 100 Report

About Persistent

Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization to businesses across industries. With over 23,200 employees located in 19 countries, the Company is committed to innovation and client success. Persistent offers a comprehensive suite of services, including AI-enabled software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The Company has been recognized as the “Most Promising Company” of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. Persistent has achieved carbon neutrality, reinforcing its commitment to sustainability and responsible business practices. As a participant of the United Nations Global Compact, the Company is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 327% growth in brand value since 2020, Persistent is the fastest-growing IT services brand in the 2024 Brand Finance India 100 Report.

www.persistent.com

Forward-looking and Cautionary Statements
For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs

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Technology

Strengthening Municipal Bond Trading Efficiency: True Market and PIMCO

Published

24 mins ago

October 22, 2024

DETROIT, Oct. 22, 2024 /PRNewswire/ — True Market, a pioneer of financial technology, today announced a strategic collaboration with PIMCO, a global investment management firm, leveraging True Market’s advanced virtual private ATS technology and Software as a Service (SaaS) solutions.

By integrating True Market’s sophisticated platform-as-a-service (PaaS) solution, PIMCO aims to significantly enhance workflow optimization for municipal bonds in an effort to address the evolving needs of the marketplace.

“PIMCO recognizes the critical importance of performance and workflow optimization and is continually seeking innovative technology to improve efficiency,” said David Hammer, Managing Director and Head of Municipal Bond Portfolio Management at PIMCO. “We are thrilled to partner with True Market, whose solution will help us provide this greater efficiency for municipal bond clients and partners.”

Charles Almond, CEO of True Market, expressed his enthusiasm: “We are delighted to collaborate with PIMCO to enhance their municipal trading operations. This partnership underscores our commitment to helping PIMCO maintain and build upon their leadership in the field.”

Aligning True Market’s innovations solving aggregation of real-time cutting-edge data and liquidity with PIMCO’s objectives sets a new benchmark in financial technology solutions. This partnership emphasizes True Market’s commitment to strengthen asset management practices, which support PIMCO’s key position as a leader in the market.

About True Market
True Market is a forward-thinking player in the financial technology sector, specializing in unified fixed income trading markets and bespoke workflow solutions. With a stronghold in technological advancements, the company continues to drive progress in asset management through industry-leading solutions.

For Information on True Market:

Website:

https://true.market

Email:

info@truemarketllc.com

General Phone:

(866) 644-5611

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SOURCE True Market

Technology

ActivTrak to Speak on Boosting Productivity and Performance with Workforce Analytics at the 2024 Gartner® ReimagineHR Conference

Published

24 mins ago

October 22, 2024

AUSTIN, Texas, Oct. 22, 2024 /PRNewswire/ — ActivTrak today announced that Chief Product Officer Javier Aldrete will present a session on workforce analytics at the 2024 Gartner® ReimagineHR Conference, the HR conference for CHROs and their leadership teams, to be held Oct. 28-30 in Orlando.

WHAT:

Theater Session: How to Boost Productivity and Performance with Workforce Analytics

HR leaders face growing questions about the ROI of workforce investments, yet too many don’t have the data to understand and optimize how distributed, digital teams work. In this session, HR leaders will learn how to use workforce analytics to boost employee productivity and engagement, optimize performance, and make informed investment decisions. Real-world case studies will illustrate the impact of data-informed coaching and the integration of people analytics with other business data.

WHO:

Javier Aldrete, Chief Product Officer, ActivTrak

WHERE:

Gartner ReimagineHR Conference

WHEN:

Wed., Oct. 30, 2024
10:00 – 10:20 a.m. EDT

CONTACT:

ActivTrak will demo its workforce analytics platform at booth #119.

About the Gartner ReimagineHR Conference
The Gartner ReimagineHR Conference is the premier event for CHROs and HR leaders to learn from the latest research and Gartner experts covering talent acquisition, diversity, equity and inclusion, learning and development, total rewards, talent analytics, and HR technology. Gartner ReimagineHR will be held October 28-30 in Orlando, Florida. Follow news and updates from these events on Twitter using #GartnerHR.

About ActivTrak
ActivTrak helps organizations improve performance and optimize productivity. Our workforce intelligence platform transforms work activity data into actionable insights, providing the only complete solution with employee monitoring, productivity and performance management, and workforce planning capabilities that deliver measurable ROI. More than 9,500 customers trust ActivTrak’s award-winning technology which has been recognized by the Deloitte Technology Fast 500, Inc. 5000, TrustRadius and G2. ActivTrak is backed by Sapphire Ventures and Elsewhere Partners. To learn more visit: https://www.activtrak.com/.

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SOURCE ActivTrak

Technology

EQT AB hosts Capital Markets Event in New York

Published

24 mins ago

October 22, 2024

STOCKHOLM, Oct. 22, 2024 /PRNewswire/ — Today, EQT hosts its first Capital Markets Event in New York. In the five years since EQT’s listing on Nasdaq Stockholm, EQT has quadrupled revenues and had a fivefold increase in market cap to USD ~40 billion.

The event will feature presentations by EQT’s CEO Christian Sinding, members of the Executive Committee, the Heads of Private Equity and Infrastructure North America, the Global Head of Real Estate and Client Relations & Capital Raising. Presentations will cover EQT’s long-term growth priorities, thematic investment focus, repeatable approach to value creation, EQT’s view on the future of private markets, and EQT’s US ambitions.

Presentations and Q&A will begin at 10:00 AM ET. The event will conclude with a fireside chat between EQT Founder and Chair Conni Jonsson and Bloomberg TV Anchor Dani Burger followed by lunch.

The event will be held in person only. A presentation is available on the EQT Group website’s Shareholder Relations tab and a recording will be available after the event.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
Mathilde Milch, Communications Director, +1 917 510 66 26

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/eqt/r/eqt-ab-hosts-capital-markets-event-in-new-york,c4054491

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