Persistent Systems has announced its largest-ever acquisition of Germany-based IT provider Nagarro SE for approximately $1.3 billion (€1.2 billion). The company secured a 21% stake from Nagarro's largest shareholder. Persistent will launch a public offer of €81 per share for the remaining equity. This offer represents a 140% premium over the undisturbed closing price on June 25, 2026.
The deal aims to expand Persistent's presence in Europe by integrating Nagarro’s 18,500 employees. The combined entity expects to generate $2.9 billion in annual revenue. The total global workforce will exceed 46,000 employees. Barclays is providing a bridge financing facility for the transaction, which is scheduled to close in late 2026 or early 2027.
Separately, Persistent signed a 6.5-year strategic services agreement with a US-based global technology leader. The contract is valued at over $650 million. The agreement covers product development and cloud services operations.