>PERSISTENT SYSTEMS LIMITED (SMC)

Company Profile
Incorporated in 1990, Persistent Systems Ltd is in the business of outsourced software product development (OPD) services for Independent Software Vendors (ISV's). The Company design, develop and maintains software systems and solutions, create new applications and enhance the functionality of existing software products. Some of the customers of the company include software manufacturers such as - Microsoft, Agilent, Intel, Openwave, IBM, i2, Critical Path, Oblix.

The company's business operations are:
■ Outsourced Product Development
■ Database and Directory Integration Products
■ Engineering and Technology Consultancy Services

Areas of expertise:
■ Database technologies
■ Identity management
■ Telecom and wireless
■ Life sciences
■ Security and provisioning
v Email and messaging

The Company has around 200 customers, of which the top 10 customers account for around 41 per cent of its revenues. As of November 30, 2009, Persistent Systems employed around 4,400 employees (including those under contractual employment with the Company and its subsidiaries as well as trainees).The Company has nine development centers in Europe, America and Asia. In India, the company operates from Pune with most of its development centers being owned by them.

The Company provides services both on time and material basis, where charges are based on the number of people dedicated and the effort invested in the project, and on a fixed price basis, where it provides services for a fixed price and agrees to complete the project in a fixed time. For 2008-09, its revenue on time and material basis dominated the revenue share with 81 per cent contribution, followed by fixed price contracts with 14 percent, while the balance revenues came from licenses and royalty.

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