Persistent systems, a global company with specialization in software product and technology have recently, launched its early stage investment fund. The fund will be focused on supporting innovation in social, mobile, analytics and cloud computing (SMAC) technologies all around the globe. However, the size of the fund remain to be undisclosed.
Launched in 1990, Persistent develops 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.
The company has initiated with its first undisclosed investment in ustyme, a free video calling app for iPad. It is a privately held, angel-funded company, based in Sausalito, Calif. and creates shared experiences through quality content, like books and games, while seeing and interacting with each other through a video screen.
Along with the investment, the companies will also get an opportunity to gain from the Persistent’s existing team and experienced mentors.
“The Persistent Venture Fund enables innovative companies like ustyme to not only gain from our capital investment but to tap our seasoned engineers who are working with next-generation technologies,” said Dr. Sridhar Jagannathan, Chief Innovation Officer, Persistent Systems, Inc. and Head of the Persistent Venture Fund.
As per Linda Salesky, CEO, ustyme, with the Persistent’s support, the ustyme team will be able to augment their resources, expand their capacity and support their strategic expansion.
With 6,300 employees, innovative business models, and reusable assets and frameworks, Persistent helps customers increase revenues and margins, and enhance brand value. Persistent Systems has delivered over 3,000 software product releases in their last five years and has 300 customers. It has a global team of more than 7,000 employees worldwide including offices and delivery centers in North America, Europe, and Asia-Pacific.
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