Persistent Systems rolls out new venture fund

Persistent Systems has launched an early-stage venture fund. No financial terms were disclosed. According to the company, the fund’s focus will be on “supporting innovation in social, mobile, analytics and cloud computing technologies.” The fund has made an undisclosed investment in Ustyme, an iPad video-call app. Persistent is a global provider of software products and technology services.

PRESS RELEASE

Pune, India and Santa Clara, CA – December 4, 2013 – Persistent Systems (BSE & NSE: PERSISTENT), the global leader in software product and technology services, today unveiled the Persistent Venture Fund, an early-stage investment fund focused on supporting innovation in social, mobile, analytics and cloud computing (SMAC) technologies. The fund is focused on providing early stage companies from around the globe with seed capital for promising technology ventures. The initial investment recipient is ustyme, a free, video-call app for iPad that creates shared experiences through quality content, like books and games. ustyme creates the context for spending time together and allows family and friends to read classic tales, such as “Goldilocks and the Three Bears” and “Henny Penny,” and play well known games, like Checkers, Chess and Go Fish, while seeing and interacting with each other through a video-screen.
As a leading global player in the software product development and technology services space, Persistent Systems intends to be a value-added partner to early stage entrepreneurs in its core sectors, investing in companies that have an advantaged solution and by enabling its investee companies to leverage Persistent’s domain expertise and customer reach to benefit the start-up.
“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. “For Persistent Systems, investing in entrepreneurs who are pioneering development in the areas of our core competency brings benefits to the start-up and to Persistent. We look forward to actively working with our investee companies to enable their success.”
“We are delighted to have Persistent Systems as an invaluable investment partner and a trusted advisor,” said Linda Salesky, CEO, ustyme. “With the support from Persistent we will be able to augment our resources, expand our capacity and support our strategic international expansion.”
For additional information on the Persistent Venture Fund, please email info@persistentsys.com.
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 7,000 employees worldwide including offices and delivery centers in North America, Europe, and Asia-Pacific. 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.
About ustyme
ustyme creates meaningful, deeper relationships through shared experiences around rich content like books and games. ustyme, a free video-call app for iPad, gives families and friends the opportunity to truly engage with each other and build connections that just aren’t possible through simple phone calls. ustyme is a privately held, angel-funded company, based in Sausalito, Calif. For more information please visit, www.ustyme.com.

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