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• Annual Report 2018-19
Shaping the future of software driven business
Notes Forming Part of Consolidated Financial Statements
1.
Nature of operations
Persistent Systems Limited (the “Company” or “PSL”) is a public Company domiciled in India and incorporated under the
provisions of the Companies Act, 1956 (the “Act”). The shares of the Company are listed on Bombay Stock Exchange and
National Stock Exchange. The Company is a global company specializing in software products, services and technology
innovation. The Company offers complete product life cycle services.
Persistent Systems, Inc. (PSI) based in the USA, a wholly owned subsidiary of PSL, is engaged in software product, services
and technology innovation.
Persistent Systems Pte. Ltd. (PS Pte.) based in Singapore, a wholly owned subsidiary of PSL, is engaged in software
development, professional and marketing services.
Persistent Systems France SAS (PSFS) based in France, a wholly owned subsidiary of PSL, is engaged in software products,
services and technology innovation
Persistent Telecom Solutions Inc. (PTSI) based in the USA, a wholly owned subsidiary of Persistent Systems Inc., is engaged
in software products, services and technology innovation in telecom and Product Lifecycle Management domains.
Persistent Systems Malaysia Sdn. Bhd. (PSM) based in Malaysia, a wholly owned subsidiary of PSL, is engaged in software
products and services.
Akshat Corporation (d.b.a. RGen Solutions) based in USA, is a wholly owned subsidiary of Persistent Systems Inc.
Akshat Corporation has been dissolved with effect from December 21, 2018. Persistent Systems Inc, its holding company,
took over all the assets and liabilities of Akshat Corporation on the date of dissolution.
Aepona Holdings Limited (an Ireland based wholly owned subsidiary of Persistent Systems Inc.) operates as the holding
Company of Aepona Group Limited.
Aepona Group Limited, (an Ireland based wholly owned subsidiary of Aepona Holdings Limited) operates as the holding
Company of Aepona Limited and Valista Limited.
Aepona Limited (a UK based wholly owned subsidiary of Aepona Group Limited) is engaged in the business of a
telecommunication API gateway for defining, exposing, controlling and monetizing telecom services to partners and
application developers and an Internet of Things service creation platform that allows enterprises to add a service layer
(or “business logic”) to the basic APIs exposed to by connected devices, and to expose and monetize these APIs.
Valista Limited (an Ireland based wholly owned subsidiary of Aepona Group Limited) has adopted indirect sales model,
with services revenue being billed to Aepona Limited. Sale of services are then contracted between Aepona Limited and
customers. The company is under liquidation.
Persistent Systems Lanka (Private) Limited (a Sri Lanka based wholly owned subsidiary of Valista Limited) has adopted
indirect sales model, with services revenue being billed to Aepona Limited. Sale of services are then contracted between
Aepona Limited and customers.
Persistent Systems Mexico, S.A. de C.V (a Mexico based wholly owned subsidiary of Persistent Systems Inc.) has adopted
indirect sales model, with services revenue being billed to Persistent Systems Inc. Sale of services are then contracted
between Persistent Systems Inc. and customers.
Persistent Systems Israel Ltd. (an Israel based wholly owned subsidiary of Persistent Systems Inc.) has adopted indirect
sales model, with services revenue being billed to Persistent Systems Inc. Sale of services are then contracted between
Persistent Systems Inc. and customers.
Persistent Systems Germany GmbH (wholly owned subsidiary of Persistent Systems Limited) operates as the holding
Company of PARX Werk AG.
PARX Werk AG (a Switzerland based wholly owned subsidiary of Persistent Systems Germany GmbH) is engaged in the
business of software products, services and technology innovation in the digital practice.
PARX Consulting GmbH (a Germany based wholly owned subsidiary of PARX Werk AG) is engaged in the business of
software products, services and technology innovation in the digital practice.