Pune-based Persistent Systems Ltd, a software product and technology services provider, has announced that it has agreed to pick an equity stake in Altizon Systems Pvt Ltd, a Big Data-focused Internet of Things (IoT) startup based out of Pune, for $100,000 (around Rs 62 lakh).
Altizon was founded last year by Vinay Nathan, Ranjit Nair and Yogesh Kulkarni. Nathan is an MIT graduate who had earlier worked at Persistent as VP Sales (APAC and Middle East). Nair had earlier worked as a software development manager at Amazon, while Kulkarni was previously director (cloud) at BMC Software. Both Nair and Kulkarni are alumni of University of Pune.
Altizon is focused on the Industrial Internet, which offers a scalable platform to manufacturers to build intelligent connected devices and manage them from the cloud. The startup has a set of sensor data appliances and software development kits (SDKs) that drive data from sensors in industrial equipment to its flagship Datonis platform, which provides a device and performs large-scale data ingestion and aggregation utilising Big Data technologies.
Founded in 1990 by IIT Kharagpur alumnus Anand Deshpande, Persistent develops software solutions in next-generation technology areas, including analytics, Big Data, cloud computing, mobility and social, for the telecommunications, banking & financial services, life sciences and healthcare verticals. With over 7,000 employees on board, the company has offices and delivery centres across North America, Europe and Asia Pacific. In India, it operates out of offices in Bangalore, Nagpur, Goa and Hyderabad.
The firm, which went public four years ago, has been fairly active in pursuing inorganic expansion. Since its IPO, it has struck seven M&A deals including the latest transaction.
Last month, Persistent acquired certain assets of Hoopz Planet Info Pvt Ltd, an information discovery and digital marketing startup based out of Pune, for an undisclosed sum. Early this year, it acquired Pune- and California-based CloudSquads Inc, an enterprise social apps platform, for an undisclosed sum.
(Edited by Joby Puthuparampil Johnson)