Persistent Systems Reports $119.62 Million Revenue For Q1FY20

PUNE, India and SANTA CLARA, California, July 25, 2019 /PRNewswire/ -- Persistent Systems (BSE:533179) (NSE: EQPERSISTENT), today announced the Company's audited financial results for the first quarter ended June 30, 2019, as approved by the Board of Directors.

The 29th Annual General Meeting of the Company was held on Wednesday, July 24, 2019.

Update on Share Buyback

The Company has completed the Buyback on June 27, 2019. The Company purchased and extinguished 3,575,000 equity shares after following the due process. The total number of equity shares outstanding as on June 30, 2019 post buyback stands at 76,425,000.

Christopher O'Connor, CEO & Executive Director, Persistent Systems: "In my first quarter at the company, we found our fundamentals are sound as evidenced by our key wins, outstanding client satisfaction and our total team strength crossing 10,000 employees, a first in our company history. Our focus remains on sustained profitable growth."

Business Highlights and Awards:

• Persistent acquires youperiencetm, bringing it together with PARX to create Europe's leading boutique Salesforce partner
• Persistent Systems ranked as one of the top 3 Coding Powerhouses at the TechGig's Code Gladiators event
• Persistent Systems hosted IBM's #CallforCode hackathon on June 21, 2019
• Persistent Systems launches a green initiative to plant 10,000 trees to celebrate crossing 10,000 employee milestone

Customer and Partner Highlights: (www.persistent.com/customers-and-partners-speak)

Key wins during the quarter:

• Artel enables accurate assay results with Persistent Systems
• Persistent Systems helps RenalytixAI bring kidney diagnostic solutions to market faster
• Persistent Systems joins Siemens' MindSphere Partner Program to bring Industrial IoT solutions to market

• End-to-end implementation of Salesforce at a leading Indian bank
• Rejuvenation of multiple applications related to income tax returns, entity lifecycle, capital call and compliance for one of the largest world's biggest private equity firms
• Complete product engineering ownership for a leading encryption hardware manufacturer for solutions securing emerging technologies such as cloud, IoT, and blockchain
• Managed services engagement on AWS for a leading healthcare cloud computing and information security solutions provider
• Customer relationship analytics solution using Salesforce to deliver insights into sales, marketing, and services for a leading medical device company
• Continuous Engineering and Collaborative Lifecycle Management licensing engagement for a global automotive supplier headquartered in France 
• Extension of an ongoing Continuous Engineering and Collaborative Lifecycle Management licensing engagement for the biggest provider of information and data services to Britain's gas market 
• Product Lifecycle Management licensing engagement for the world's third-largest materials handling systems supplier

About Persistent Systems:
Persistent Systems (BSE:533179) (NSE: EQPERSISTENT), builds software that drives the business of our customers; serving software product companies and enterprises with software at the core of their digital transformation.

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

Media Contacts:

Saviera Barretto
Archetype
+91 84249 17719
[email protected]  

Pulkit Grover
Persistent Systems
+91 86696 70068
[email protected]  

Ken Montgomery
Persistent Systems (US)
Persistent Systems (US)
[email protected]

SOURCE Persistent Systems