30th Annual Report 2019-2020

See Beyond, Rise Above

2020 marks the 30th anniversary of Persistent’s founding.

 

We are proud of the company we have built and our valued employees, partners, and clients who have made our success possible.

Our journey has taken us from building market leading software products for ISV partners to becoming a global leader of digital transformation.

2020 also brought a global event few anticipated. We are grateful for the fast flexibility of our team to work remotely while providing continuity to our partners and clients.

Organizations now realize the urgent imperative in moving to become digital-first and we are well positioned to help clients make that transition. With our digital mosaic approach we are building the ideal and unique combination of powerful cloud-based platforms, applications and tools for our clients, working with many of the leading cloud companies as partners.

We are excited to continue this journey.

dr.anand deshpande

Ensuring the safety and well-being of our employees and their families was our highest priority and I am glad to report that all are safe and doing well. We enabled work from home as soon…

Dr. Anand Deshpande
Founder, Chairman, and Managing Director

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Persistent at a glance after 30 years

$ 0 M
Revenue

Boutique mindset focused on enterprise clients moving their digital presence to the cloud.

0
Industry & Tech Experts

Diverse, open and innovative business partner ecosystem for maximum flexibility.

0
Active Clients Annually

30-year legacy of leadership in software engineering and digital transformation.

0
Countries

Trusted security and dedication to data privacy across our enterprise.

Our 30-Year Journey

From our humble beginnings in India in 1990 to today’s presence in 17 countries, and a diverse group of over 10,600 employees, we have always made it our mission to stay closely connected to our clients and employees.

Technology shifts have disrupted every industry — from new business models to new ways of engaging clients to highly simplified and automated ways of getting work done.

Over the last 30 years, we have invested in building solutions, establishing partnerships, and getting our teams skilled to help our clients navigate these shifts and achieve business differentiation through elegant compositions of technology.

1990 - 2001

Persistent Journey 1990-2001

Technology provider for database product companies

When founder Anand Deshpande returned to India from his Ph.D. studies in the US, he was inspired by N. Vittal’s call to establish software export businesses in his home country.

That was 30 years ago and the start of the Persistent journey. The early years were very difficult. Funds were limited, India was not known for software, communication infrastructure was poor and there was no internet. However, with grit, tenacity and support from family and friends, the team soldiered on.

Persistent enjoyed early success working with database companies, but it was a small project from Microsoft in 1992 that proved to be a turning point, giving the small team the confidence to begin approaching other leading technology companies. Illustra Technologies, Red Brick Systems and Hewlett-Packard were early supporters. While these companies have also evolved, they continue to be our customers.

The advent of the internet in the mid-90s spurred innovation and new opportunities for Persistent to build a boutique brand as a technology provider.

From the beginning the founders knew that the success of the business depended on the strength of the team and so established a culture of technical excellence. We set up lasting relationships with IIT Bombay and with all the leading engineering colleges in the region, while hosting international events such as VLDB in 1996.

Corporate governance and social responsibility have always been a part of Persistent’s DNA. The company appointed independent directors in 1996 and established a tradition of donating 1% of its profits to charity early on. The employee stock option plan was set up in 1998 and Intel 64 Fund was the first external investor in 1999.

2001 - 2009

Persistent Journey 2001-2009

Innovation partner for the world’s leading software product companies

The Y2K challenge helped India build credibility in the software industry, spurrin many new competitors.

But Persistent’s customer base of technology companies was affected by the dot-com bust in 2001. To succeed it was imperative we focus on a market segment we could lead. So, while the competition was intense in IT outsourcing, Persistent focused on Outsourced Product Development, establishing processes to build distributed agile teams and partnering with the world’s leading product companies to build software contributing across the entire product lifecycle.

The company and its team grew from strength to strength, building and delivering major software products. Investments were made in research and in strengthening the company’s infrastructure, with new development centers added in Pune, Goa and Nagpur.

Our rapid growth during this time caught the attention of Norwest Venture Partners and Gabriel Venture Partners, two leading Silicon Valley venture capital firms who invested in Persistent.

Dr. Promod Haque joined the Board and Persistent began to adopt international business best practices.

By now all the major technology companies were customers, working on technologies that would define the future of computing — Persistent was one of the first companies implementing cloud technology and big data solutions. By 2008, we saw cloud, analytics, collaboration and mobility as the disrupting technology trends of the coming decade.

With high-quality work plus high standards of ethics and integrity came the ability to attract the best people. Business continued to grow rapidly as Persistent was recognized for its innovation and creativity.

As Persistent was setting up for a potential initial public offering, the global financial crisis hit.

2009 - 2019

Persistent Journey 2009-2019

Digital transformation — the catalyst for building software-driven businesses

The silver lining of the global financial crisis was that it gave us an excuse and a fresh opportunity to meet customers’ senior executives to reiterate our support and commitment to them during testing times.

The meetings also helped us highlight the role we played as product development partners and extend our role to become implementation partners. This helped broaden our footprint from product development to implementing technology solutions. Persistent, now as a strategic partner, entered into revenue share agreements, as well as taking responsibility for all phases of the product lifecycle.

In 2010, as the global economy slowly recovered, Persistent became one of the first IPOs in the Indian market. It was an overwhelming success, helping to establish Persistent as a global brand.

Persistent was now a listed company. We were getting noticed and this was a period of global expansion, setting up centers around the world and ushering in a global outlook and work policies branded Life@Persistent.

We also continued our commitment to social causes. Persistent Foundation, created in 2009, introduced programs across education, healthcare and community development.

By now, digital disruption forced every business to re-evaluate their business models and evolve to become robust and agile. Digital transformation was about becoming a software-driven business.

Persistent’s unique proposition of building products for technology companies and implementing technology solutions for their customers put us in a unique position to respond to the market’s needs as customers began the journey of digital transformation.

2019 - Onwards

Persistent Journey 2019 to onwards

A solutions company focused on digital business acceleration

Persistent evolved into a multifaceted company. While still a trusted partner for product development, we’ve become a global solutions company that delivers digital business acceleration and modernization for enterprises.

Today, we have a strong balance of enterprise and ISV clients with a growing set in Europe and Asia. Our blended client base uniquely positions us in the market to address our clients’ common needs.

The world is now digital, which is inclusive of the rapidly growing ecosystem of modular software technology and the multi-cloud reality. In this environment, we are helping many leading ISVs accelerate their move to the cloud. And in a post COVID-19 recessionary world, we are working with enterprises to build solutions to streamline operations, enable new revenue streams and create seamless digital experiences.

Our work in previous eras has enabled us to become expert in constructing modern digital solutions. To do so, we leverage what we call a digital mosaic to help clients navigate the complexity of choice and integration required to maximize value from their solution investments and legacy infrastructure.

Clear methodologies, use cases and partners have emerged as we’ve scaled this approach for solutioning across industries. For example, we are delivering digital banking solutions for our clients with AWS and Mambu. In addition, our work with Salesforce has helped healthcare clients quickly establish a digital front door for their business and respond to the demands of COVID-19.

As we enter 2020, we face an unprecedented opportunity to help our clients, employees and society thrive amidst one of the toughest global crises faced in the last century. Complete with our new management team, we are well positioned to capture the opportunity in this new environment.

The Way Forward

We are a global solutions company delivering digital business acceleration and enterprise modernization.

We modernized our go-to-market model to address the needs of the digital enterprise and to play our role as a global solutions provider more effectively. This model builds on our strong legacy of data and product engineering leadership in the industry to create new sources of value for our clients and provide a clear framework of engagement with our broadening partner ecosystem.

We focus on six service lines across four key industries

the way forward

The Way Forward

Unleashing Client Value through Digital Mosaics

The digital mosaic is a multi-cloud, multi-service business architecture, with composable tiles that together deliver the working applications and processes needed in an enterprise.

All our clients across industries and markets are looking to accelerate their journey to a digital enterprise, a need accentuated by the impact of the COVID-19 pandemic.

Organizations realize that scaling their digital operations across the front and back office is essential to their bottom and top line, but now, in the current context, even their survival.

The Way Forward

Delivering Client Value

accoustic

Delivered mobile innovation and flexible partnering models enabling 100% growth in business outside the US market.

gojoko

Built a fully integrated digital marketing and banking platform that enables credit unions to rapidly offer new lending products, delivering exponential growth.

xoserve

Deployed IBM Engineering solution to improve collaboration and ensure access to critical data securely, within hours instead of days.

domo

Built a low-code application retail solution that increased revenue contribution. Increased total addressable market with connector factory framework with more than 1,000 connectors.

The Way Forward

Expanding our Partner Ecosystem

partner-ecosystems

We are grateful for our relationship with Persistent as one of our trusted partners for the past 12 years. As a Platinum partner, Persistent’s global Salesforce practice works side by side with us as we support our customers’ success. I wish the Persistent team all the best as they celebrate their 30th anniversary.

Leon Mangan

SVP Alliances and Channels, EMEA & LATAM, Salesforce

Our powerful partner ecosystem is what enables us to offer market leading solutions in the service lines and industries we serve.

Our digital mosaic strategy expertly integrates the “tiles” of cloud-based solutions, tailored to meet client needs for accelerated time to value.

Tiles within these mosaics reflect the many partners that deliver distinct value propositions to our clients, while each solution we build leverages our expertise to combine multiple tiles, creating new revenue opportunities for these partners.

The Persistent partner ecosystem brings together companies of all domains, sizes and geographies to create a profitable, symbiotic environment for our clients. Persistent is poised to grow its partner ecosystem by way of breadth, depth of relationships and as a significant revenue generator for the company.

2020 marks the 30th anniversary of Persistent’s founding

30th Annual Report 2019-2020

30th Annual Report 2019-2020

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