Rs 10/Sh Dividend Soon: IT Co Acquires Starfish Associates, Shares Hit New High

Persistent Systems Ltd today announced the intent to acquire New Jersey-based Starfish Associates. This strategic acquisition builds on Persistent's existing engineering capabilities in the Contact Center and Unified Communications space, expanding its strong AI-driven business transformation capabilities and expertise in driving operational excellence, according to the BSE filing.

Current market price of Persistent Systems share on BSE is Rs 4749.40 per share with intraday gain of 3.34%. Persistent Systems shares today scaled new high as well after it declared the latest acquisition update. Persistent Systems shares zoomed 41.76% in last 1-month only and soared 191% in last 2-years. The mulgibagger IT firm on April 21 announced a final dividend of Rs 10 per equity share and yet to announce the record date. Check details below:

Persistent Systems Acquires Starfish: The BSE filing of the company added, Starfish Associates caters to the world's largest enterprises including many Fortune 500 companies. This acquisition brings together Starfish Associates' innovative platform with Persistent's leading AI-powered automation capabilities and a strong customer base, enabling significant optimizations, enhanced efficiencies for workflows, and agile responses to dynamic business environments.

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent said "Our journey of industry-leading growth continues, fueled by strategic expansion and a deep understanding of our clients' needs. The integration of Starfish Associates' platform greatly enhances our unified communications and contact center management offerings as this industry undergoes significant disruption on the back of AI-led innovations."

Robert Hankin, Co-Founder and Partner, Starfish Associates said, ""Since our inception, Starfish Associates has been dedicated to enhancing enterprise management of unified communications and contact centers, always aiming to elevate customer and employee experiences. Joining forces with Persistent presents a new chapter for us, on one hand augmenting our capabilities in integration, automation, and AI-driven contact center transformation, and on the other hand, giving us access to Persistent's strong customer base."

Persistent Systems Dividend: As per the regulatory filing of the mid cap IT company dated April 21, 2024, "We wish to inform you that the Board of Directors has recommended a Final Dividend of INR 10 (INR Ten only) per Equity Share having a face value of INR 5 (INR Five only) each for Financial Year 2023-24. This Final Dividend is subject to the approval of Members at the ensuing Annual General Meeting which will be held on or before September 30, 2024. The Book Closure and Record date for the purpose of payment of the Final Dividend for the Financial Year 2023-24 will be determined later and will be informed separately."

Persistent Systems Share Performance: The 52-week high price of Persistent Systems shares on BSE is Rs 4760.00 apiece (as on 04/07/2024) and 52-week low price is Rs 2318.83 apiece (as on 03/08/2023), respectively. Persistent Systems has a market capitalisation of Rs 73,164.51 crore. Persistent Systems shares gained 17% in last 1-week, soared 95% in last 1-year, and jumped 224% in last 3-years. In last 5-years, Persistent Systems stock surged 1428%.

Persistent Systems Ltd Stock Split In 2024: As per the regulatory filing of Persistent Systems dated March 13, 2024, "we wish to inform that the Company has fixed Monday, April 1, 2024 as the 'Record Date' for determining the entitlement of Equity Shareholders for the purpose of Sub-Division/Split of existing Equity Shares of the Company, such that existing 1 (One) Equity Share having a face value of INR 10 (Ten) each into 2 (Two) Equity Shares of INR 5 (Five) each, fully paid up, ranking pari passu in all respects."

Persistent Systems Q4: Persistent Systems declared a jump of 25.36% in net profit to Rs 315.3 crore year-on-year for the fourth quarter ended March 31. It announced a jump of 14.9% YoY in its consolidated revenue for the fourth quarter to Rs 2,590 crore.

Disclaimer: The stock highlights the acquisition update and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.