Persistent Systems to acquire Starfish Associates for $20.7 million

Persistent Systems Inc, USA (wholly-owned subsidiary of Persistent Systems) has entered a stock purchase agreement to acquire Starfish Associates, LLC, USA. New Jersey-based Starfish is focused on unified communication and contact centre technology domain, providing enterprise communication solutions to large enterprises, including Fortune 500 companies.

Persistent Systems Inc will acquire a 100% stake in Starfish for $20.7 million. This includes an upfront payment of $15.4 million and an earnout of $5.1 million over the next two years, contingent on achieving certain performance thresholds. There will be a retention payment for key employees of $0.2 million over the next two years. The acquisition would be completed within four to six weeks.