IT company Persistent Systems to acquire Palo Alto-based Capiot

IT firm Persistent Systems on Thursday said it will acquire Palo Alto-based Capiot.

Under the deal, Persistent Systems Ltd India (PSL) will acquire 100 per cent shares of Capiot Software – the Indian subsidiary of Capiot Software Inc and consequently, Capiot India will become a wholly-owned subsidiary of PSL, a regulatory filing said.

Persistent Systems Inc, USA (PSI) will acquire the shares of Capiot Software Inc along with its subsidiaries in Singapore and Australia, and consequently, Capiot US will become a wholly-owned subsidiary of PSI, it added.

“The purchase consideration payable for the acquisition of Capiot India is about USD 5.45 million and for the acquisition of Capiot US is about USD 0.89 million, subject to customary adjustments for working capital, debt and cash on closing,” it said.