Persistent Systems acquires assets from Lithuania's SoHo Dragon LT

Persistent Systems announced that its Polish subsidiary, Persistent Systems Poland, has entered into an asset purchase agreement with SoHo Dragon LT, a Lithuanian software application development company specializing in front-office operations, corporate applications, hyperscaler technologies, data warehousing, and business intelligence. The acquisition, valued at $2.01 million, includes an upfront payment of $1.07 million, a maximum cumulative earnout of $0.83 million over three years contingent on performance, and a $0.11 million retention payment. The transaction is expected to close within 4-8 weeks, subject to customary conditions. Persistent anticipates that the acquired assets will generate approximately $1.65 million in annual revenue. This acquisition is expected to bolster Persistent's relationship with a strategic, large BFSI customer.