Persistent Systems to acquire Starfish Associates, shares hit 52-week high

Persistent Systems, USA, a wholly-owned subsidiary of the company, signed a stock purchase agreement for the acquisition of Starfish Associates. Persistent will acquire a 100% stake in the company for a consideration of $20.7 million.

Starfish Associates is known for its enterprise communications automation platform and caters to several Fortune 500 companies. The company’s automation platform excels as an intelligent integration hub and workflow engine which helps in establishing seamless connections between multiple business applications and communications systems.

The platform also improves multi-vendor communication through automation with platforms such as Amazon Connect, Avaya, Cisco, Genesys, and Microsoft Teams. Additionally, the platform integrates with key business applications including ServiceNow, Workday, and Microsoft Active Directory resulting in a streamlined workflow and operations.

Persistent Systems said that their AI-powered automation capabilities and strong customer base, in combination with Starfish’s platform will result in significant optimisations, enhanced efficiency, and agile responses to dynamic business environments.

Sandeep Kalra, chief executive officer and managing director of Persistent Systems said the integration of Starfish Associates’ platform greatly enhances its unified communications and contact centre management offerings as this industry undergoes significant disruption on the back of AI-led innovations. “This acquisition paves the way for us to support our global clients to unlock the full potential of these innovations in their contact centres,” he said.

Shares of the company have risen by over 24% since the beginning of the year. The stock has gained over 88% in the last one year.