Persistent Systems Q2 profit up 38%; buys Doyenz cloud service

Technology company Persistent Systems today posted a 37.8 per cent rise in net profit to Rs 44.64 crore for the quarter ending September 2012.

The company's net profit stood at Rs 32.41 crore in the year-ago period, it said in a statement.

The company's revenue during the period grew 37.2 per cent to Rs 326.86 crore from Rs 238.17 crore in the year-ago period.

"We saw a surge in deals in the media/entertainment industry, specifically in the area of Big Data Analytics. We continue to remain positive on the market opportunities in our technology and industry focus areas," Persistent Systems Chairman and Managing Director Anand Deshpande said.

Meanwhile, the company announced that it has entered into a definitive agreement to acquire Doyenz's 'rCloud' platform through its US subsidiary.

The financial details and terms of the definitive agreement were not disclosed.

Persistent Systems will continue to serve rCloud customers under the Doyenz brand. The company will develop and enhance the Cloudservice, maintaining employees and channel partnerships instrumental to its business, it said.

"Doyenz's rCloud innovative cloud platform business continuity solution which provides backup and disaster recovery for physical and virtual servers," the company said, adding that the acquisition strengthens the company's cloud computing and SMB offerings.

Persistent System also announced the appointment of Nara Rajagopalan as Chief Product Officer. He will be responsible for IP-led Business and product takeovers, the statement added.

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