Persistent Systems Joins The Digital Business Bandwagon
Software firm Persistent Sytems Ltd. reported a subdued set of earnings for the fourth quarter on Wednesday. The bottomline took a hit of 10 percent to come in at Rs 72.8 crore, largely due to a drop in revenue from one of its biggest clients IBM. The dip had been factored into the market expectations though.
A drop in the services business was a key reason for the subdued set of numbers, said Sudhir Kulkarni, president of the company's digital business in a phone conversation with BloombergQuint.
The company’s digital and information platform grew by around 10-11 percent sequentially, said Kulkarni. Persistent Systems is now looking to ramp up its presence in the digital business, as margins and revenue growth remain healthy.
On the margins and the revenue growth, we are bullish on the digital and the intellectual properties business.Sudhir Kulkarni, President-Digital Business, Persistent Systems
The company recently also entered into an alliance with Boston-based Partners HealthCare, which owns Mass General and Brigham and Women's Hospital and financial conglomerate USAA which gives it access to 14 million U.S. military and paramilitary personnel.