Industry Related TransactionsPersistent Acquired Software Corporation International (SCI) and its Affiliate Fusion360
Sellside Advisor to Software Corporation International (SCI) and Fusion360
Persistent Acquires a Dedicated Payments Business Unit and Expands Cloud Capabilities with Strategic Acquisition of Software Corporation International
CHARLOTTE, NC — Software Corporation International (“SCI”), one of the world’s largest and most experienced providers of payments technology solutions for some of the biggest financial institutions in the United States, and its affiliate Fusion360, have been acquired by Persistent, a global services and solutions company delivering digital engineering and enterprise modernization. 7 Mile Advisors acted as the exclusive sellside advisor to SCI and Fusion360 throughout the transaction.
“The growing complexity in the Payments ecosystem requires a systems integrator that is knowledgeable in legacy payment rails, as well as new emerging technologies. Add in the demand for shorter transaction times and increasing government regulations, and the list of businesses with deep domain experience in Payments becomes very short. SCI and Fusion360 possess this knowledge, having operated in Payments for the last three decades, and will be a great addition to Persistent,” commented Nick Prendergast, Vice President at 7 Mile Advisors.
“Our experience with 7 Mile Advisors was outstanding. They provided accurate guidance and timely counsel every step of the way. I have no hesitation in recommending 7 Mile to any business for advisory or investment banking services,” noted D. Keith Sides, Chief Executive Officer at SCI.
Founded in 1990, SCI brings deep domain consulting capabilities specializing in Payment solutions, integration, and support services for an impressive portfolio of leading U.S. Banks. Additionally, Fusion360 provides application development, maintenance, and support for leading Payment platforms including IBM’s Financial Transaction Manager (FTM).
“I am excited about our future as part of Persistent and the many benefits it provides for both our clients and our employees. Combining our deep Payments domain knowledge with Persistent’s digital engineering, next-gen cloud services, and global footprint allows us to deliver immediate value to any Payments modernization initiative,” said D. Keith Sides, Chief Executive Officer, SCI.
“We continue to see rapid acceleration of digital transformation with our financial services clients, requiring not only technology, but domain expertise in areas like Payments and regulatory compliance. With the addition of SCI and Fusion360, we are forming a new Payments business unit and expanding our BFSI expertise as well as client portfolio,” commented Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent Systems.
This transaction marks 7 Mile Advisor’s 21st transaction this year. The global, industry-focused team specializes in advising business owners on sellside and buyside M&A mandates within the Technology and Tech-enabled Business Services industries. For additional market research, or to connect with bankers at 7 Mile Advisors who can assist you with your strategic interests, visit 7mileadvisors.com.
About 7 Mile Advisors
7 Mile Advisors provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. 7 Mile Advisors advises on M&A and private capital transactions, as well as provides market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, 7 Mile Advisors helps its clients sell companies, raise capital, grow through acquisitions, and evaluate new markets. All securities transactions are executed by 7M Securities, LLC, member FINRA / SIPC. For more information, including research on the M&A markets, visit 7mileadvisors.com.
About Persistent
With over 14,500 employees located in 18 countries, Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization. Persistent was named to the Forbes Asia Best Under A Billion 2021 list, representing consistent top- and bottom-line performance as well as growth.
