Persistent acquiring MediaAgility for $ 71.71 million

Technology company, Persistent Systems on Monday announced it was acquiring Princeton, New Jersey-based MediaAgility for $ 71.71 million. Persistent would be acquiring 100% shareholding of MediaAgility. The acquisition is expected to be completed in six to eight weeks. 

Persistent said it would be making an upfront payment of $ 53.25 million for the acquisition. Shareholders of MediaAgility would be eligible for a maximum cumulative earnout of $ 17.75 million over the next two years on achievement of performance thresholds.

MediaAgility is a global cloud transformation services provider with expertise in building scalable, cloud-based solutions as a Google Cloud Premier Partner. MediaAgility had a consolidated revenue of $ 25.50 million as of December 2021.

The Company provides cloud-native application development and modernisation, analytics and AI, cloud engineering, migrations, and managed services to 35 enterprise service clients across the globe with 500 employees in the US, Mexico, UK and India, a Persistent release said. “With the increased demand for Google Cloud expertise, this acquisition would expand Persistent’s ability to execute cloud-based digital transformation journeys for global clients,” Sandeep Kalra, chief executive officer and executive director, Persistent Systems said.

“The acquisition of MediaAgility builds on Persistent’s existing partnership with Google and lays the foundation for a dedicated Google business unit that will enable verticalised solutions,” he said.

Rajesh Abhyankar, CEO and cofounder, MediaAgility said with Persistent they were looking to scale globally at a much faster rate.Thomas Kurian, CEO, Google Cloud said Persistent and MediaAgility offered deep expertise in business transformation across multiple industries with hundreds of Google Cloud certified professionals in key transformation areas like collaboration and machine learning.