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Annual Report 2016-17
1. Nature of operations
Persistent Systems /imited (the “Company” or “PS/”) 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 PS/, is engaged in software product,
services and technology innovation.
Persistent Systems Pte. /td. (PS Pte.) based in Singapore, a wholly owned subsidiary of PS/, is engaged in software
development, professional and marketing services.
Persistent Systems France SAS (PSFS) based in France, a wholly owned subsidiary of PS/, is engaged in software
products, services and technology innovation in the life sciences domain.
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 /ifecycle Management
domains.
Persistent Systems Malaysia Sdn. Bhd. (PSM) based in Malaysia, a wholly owned subsidiary of PS/, is engaged in
software products and services.
CloudSquads, Inc. (CSI) based in the USA, a wholly owned subsidiary of PSI, is an innovative consultancy that
deploys, integrates and runs social communities on social customer platforms to provide insights that drive
improvements in marketing, sales and customer service.
CloudSquads Inc. (CSI), has been dissolved with effect from December 29, 2015. Persistent Systems Inc., the holding
Company took over all the assets and liabilities of CSI on the date of dissolution
Akshat Corporation (d.b.a. RGen Solutions) based in USA, a wholly owned subsidiary of PSI, is engaged in
development, delivery and maintenance of IT software and services.
Aepona Holdings /imited (an Ireland based wholly owned subsidiary of Persistent Systems Inc.) operates as the
holding Company of Aepona Group /imited.
Aepona Group /imited, (an Ireland based wholly owned subsidiary of Aepona Holdings /imited) operates as the
holding Company of Aepona /imited and Valista /imited.
Aepona /imited (a UK based wholly owned subsidiary of Aepona Group /imited) is engaged in the business of a
telecommunication API gateway for deoning, 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 /imited (an Ireland based wholly owned subsidiary of Aepona Group /imited) has adopted indirect sales
model, with services revenue being billed to Aepona /imited. Sale of services are then contracted between Aepona
/imited and customers.
Aepona Software (Private) /imited (a Sri /anka based wholly owned subsidiary of Valista /imited) has adopted
indirect sales model, with services revenue being billed to Aepona /imited. Sale of services are then contracted
between Aepona /imited and customers.
Valista Inc. is a US based wholly owned subsidiary of Valista /imited. Valista Inc. has been dissolved with effect from
June 28, 2016. Valista /imited, its holding Company took over all the assets and liabilities of Valista Inc. on the date
of dissolution.
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 /td. (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 was set up on December 19, 2016 as a wholly owned subsidiary of Persistent
Systems /imited.
2. Basis of preparation
The onancial statements of the Group have been prepared on an accrual basis and under the historical cost
convention except for certain onancial instruments, equity settled employee stock options and initial recognition of
Notes forming part of consolidated onancial statements