Persistent Systems to acquire Data Glove IT Solutions

16 Feb 2022 , 01:34 AM

Persistent Systems has entered into an Agreement with Data Glove IT Solutions Data Glove India on 10 February 2022 to acquire its assets Along with this transaction the Company through its wholly owned and step-down subsidiaries will acquire the assets of Data Glove Inc USA and its affiliate entities based out of Australia UK Canada and Singapore Persistent through its German subsidiary will also acquire the equity of Data Gloves subsidiary in Costa Rica Through this acquisition Persistent will enhance its partnership with Microsoft strengthen expertise in Azure-based digital transformation and other offerings in the Microsoft stack as well as expand its geographic footprint and talent pool The total purchase consideration payable for the acquisition of Data Glove Group is $9050 M Post-closing Persistent through its wholly owned subsidiaries and affiliates will acquire the assets of Data Glove Inc its Indian subsidiary and its affiliates in geographies mentioned above Additionally 100Percentage ownership of Data Glove IT Solutions Limitada Costa Rica will be acquired by Persistent Systems Germany GmbH