Persistent Systems acquires enterprise social apps startup CloudSquads
Pune-based Persistent Systems Ltd, a software product and technology services provider, has acquired Pune- and California-based CloudSquads Inc, an enterprise social apps platform, for an undisclosed sum.
"CloudSquads complements our software product development and SMAC (social, mobile, analytics and cloud) technology expertise with consulting, IP connectors and implementation services around social community platforms," said Ranga Puranik, president, Persistent Systems.
CloudSquads was founded in 2009 by Ashish Seth and Henry Bruckstein. An alumnus of University of Texas, Seth had earlier worked at Rearden Commerce, EmailLabs and BearingPoint Inc. Bruckstein is an alumnus of York University and had previously worked at BroadVision, Lithium Technologies and Salesforce.com.
CloudSquads helps companies develop a strategy for engaging with consumers across all customer facing functions, including brand, marketing, sales and support. CloudSquads implements platforms which provide capabilities that transform these interactions into communities and then integrates those platforms with companies' internal systems, allowing them to better know and serve their customers.
"Social communities are the natural next step in the evolution and enhancement of external systems of engagement with customers, following the 1-800 number and corporate web presence," said CloudSquads' co-founder Ashish Seth.
"CloudSquads helps global brands unlock the power of social to realise dramatic increases in employee productivity, double digit improvements in marketing and sales effectiveness," said Henry Bruckstein of CloudSquads.
Founded in 1990 by IIT Kharagpur alumnus Anand Deshpande, Persistent develops software solutions in next-generation technology areas, including analytics, Big Data, cloud computing, mobility and social, for the telecommunications, banking & financial services, life sciences and healthcare verticals.
With an employee strength of over 7,000, the company has offices and delivery centres across North America, Europe and Asia Pacific. In India, it operates out of offices in Bangalore, Nagpur, Goa and Hyderabad.
The firm which went public four years ago has been fairly active in pursuing inorganic expansion. Since its IPO it has struck six M&A deals including the latest transaction.
The CloudSquads deal is expected to be completed during the second quarter of 2014.
(Edited by Joby Puthuparampil Johnson)