Persistent Systems to expand its presence in the US


Pune: Ltd. is looking to expand presence in the United States as well as Canada and Mexico to serve clients better in its biggest overseas market, the company’s chief executive officer has said.

While remote working on account of the pandemic has made companies flexible on how much of their staff is onshore, software services firms are increasingly looking at having more workers closer to the client, in the same time zone, to service them more efficiently.

“We may set up a larger delivery centre in the US, which is our main market, and scale it up as we grow,” Persistent Systems CEO Sandeep Kalra told The Economic Times.

The expansion plan comes close on the heels of Persistent Systems signing new deals worth $300 million in the December quarter of the ongoing fiscal. Kalra said the company hired 1,600 people—including 600 freshers—during the quarter, and that they have been deployed to meet the demand generated by previous deals. The new deal wins were generated largely in the product engineering and cloud verticals.

Tech companies are accelerating their digital journeys, said Sunil Sapre, chief financial officer at Persistent Systems, and are moving faster to modernise their apps and products, and launch new, secure products. This, along with the shift to the cloud, digitisation in banking and financial services clients and the hardware business are all helping drive growth for the firm.

According to analysts, the company’s large-deals strategy was driving growth and strengthening its long-standing relationship with International Business Machines Corp. (IBM) would also help. The focus on growing its banking, financial services and insurance (BFSI) vertical, as well as healthcare and technology verticals, alongside areas of expertise like cloud, are likely to help the company grow faster in coming quarters.

On Monday, shares of Persistent Systems fell 0.43% to Rs 1,787.45 apiece on the BSE even as the benchmark Sensex ended the day 1.18% higher at 52,154.13 points.

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