Persistent Systems Launches Early Stage Venture Fund; Invests in ustyme
PUNE, INDIA and SANTA CLARA, CA -- (Marketwired) -- 12/04/13 --
Persistent Systems (BOMBAY: PERSISTENT) (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
For additional information on the Persistent Venture Fund, please
About Persistent Systems:
Persistent Systems (BOMBAY: PERSISTENT)
(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:
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.
All trademarks, trade names, service marks, and logos referenced
herein belong to their respective companies.
Persistent Systems Ltd.
Tel: 91 83083 39400
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