Persistent Systems Acquires CloudSquads; Accelerates Social Community Platform Offerings

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Time-to-Market Critical as Social Channels Become Predominant Way for Customers to Interact with Companies

Persistent  Systems (BSE & NSE: PERSISTENT), the  global leader in software product and technology services, today announced it  has entered into a definitive agreement to acquire privately-held CloudSquads, an innovative consultancy that  has created social communities for over 70 global companies. CloudSquads deploys, integrates and runs social  communities on all leading social customer  platforms.  Terms of the agreement were not disclosed and  are subject to certain closing conditions which are expected  to be completed in the coming financial quarter.
According to Forrester Research Senior Analyst, Kim Celestre in her July 9, 2013 blog post entitled Just Published: The Forrester WAVE: Social Depth Platforms, Q3 2013, “Social media has transformed the way that buyers discover, explore, and engage with a brand. As a result, many marketers have invested in establishing a presence on popular social networks like Facebook and Twitter yet are struggling with how to convert interactions on these social networks to a purchase.”

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CloudSquads  helps companies develop a strategy for engaging with the modern social customer  across all customer facing functions including brand, marketing, sales and support.  The company implements platforms which  provide rich capabilities that transform these interactions into healthy  communities and then integrates those platforms with companies’ internal  systems allowing them to better know and serve their customers.

“Social Communities are now an increasingly critical part of the  digital transformation in enterprises, and this market is poised for  significant growth. Persistent Systems is delighted to welcome on board the  entire CloudSquads’ team of social computing domain and technology  specialists,” said Ranga Puranik, President,  Persistent Systems, Inc. “CloudSquads complements our software product  development and SMAC (Social, Mobile, Analytics, Cloud) technology expertise  with consulting, IP connectors and implementation services around social  community platforms and is perfectly aligned to better serve our ISV and  enterprise customer base.”
“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 Ashish Seth, Co-Founder of  CloudSquads, Inc. “CloudSquads helps  global brands unlock the power of social   to realize dramatic increases in employee productivity, double digit  improvements in marketing and sales effectiveness and dramatically lower  support costs, said Henry Bruckstein, Co-Founder of CloudSquads, Inc.  “Combining the global reach and broad technology capabilities of Persistent  Systems will allow us to multiply the transformative impact in the market.”

About Persistent Systems
Persistent  Systems (BSE & NSE: PERSISTENT) is a global company specializing in  software product and technology services. For over two decades, Persistent has  consistently been selected as the trusted innovation partner for the world’s  largest technology brands, leading enterprises and pioneering start-ups.  Persistent has a global team of more than 7,500 employees worldwide including  offices and delivery centers in North America, Europe, and Asia. Persistent  develops best-in-class solutions in key next-generation technology areas including  Analytics, Big Data, Cloud Computing, Mobility and Social, for the  telecommunications, life sciences, healthcare, and banking & financial  services verticals. For more information, please visit: http://www.persistent.com.

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Mohit Bansal(23) is B.Tech in Electronics and Communication Engineering from Indian School of Mines, Dhanbad, India. He has interest in business and entrepreneurship and has published couple of research articles. He is also associated with various NGOs. He is with Techaloo when it was just in concept stage. The Techaloo site was not existing even then. Currently Mohit is working with Mu Sigma as a Business Analyst Profile.

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