Persistent Systems shares rise after Google Cloud deal
PUNE, INDIA — Shares of IT services firm Persistent Systems experienced a notable rise, climbing as much as 1.55% to reach an intraday high of Rs 3,799.55 per share on June 11.
By 1:26 PM, the stock had slightly pared its gains, trading 0.44% higher at Rs 3,758.15 per share. In comparison, the BSE Sensex was up 0.30% at 76,716.80 levels.
The uptick in Persistent Systems’ share price followed the announcement of a long-term strategic partnership with Google Cloud.
This collaboration aims to leverage Persistent’s domain expertise alongside Google Cloud’s advanced platforms and AI capabilities to develop innovative solutions for various industries, including banking, financial services and insurance (BFSI), healthcare and life sciences, communications, media and telecom, consumer tech, and hi-tech.
Driving innovation and client value
The partnership is designed to expedite the integration of emerging AI-driven technologies, providing clients with early access to new offerings and unique value propositions.
Persistent will benefit from additional resources from Google Cloud, facilitating the swift deployment of services and comprehensive client support, thereby enhancing overall customer satisfaction.
Sandeep Kalra, CEO and Executive Director of Persistent, said their “industry-leading cloud practice and Google Cloud’s pioneering technologies position us to set new benchmarks for what can be achieved through cloud, data and analytics, and AI.”
Focus on digital transformation
The agreement also focuses on joint efforts to drive global enterprise digital transformation. Leveraging Google Cloud’s Gemini models and other innovative technologies, Persistent aims to craft industry-specific solutions to promote the widespread adoption of GenAI.
This collaboration will empower enterprises to optimize their cloud investments, modernize infrastructure, and enhance data capabilities.
Kevin Ichhpurani, Corporate Vice President of Global Ecosystem and Channels at Google Cloud, commented, “Global organizations today are digitally transforming with Google Cloud’s trusted infrastructure, services, and generative AI.”
“This new Strategic Partnership Agreement will help these organizations accelerate their cloud- and AI-driven transformations with leading technology from Google Cloud and thousands of specialized and certified experts from Persistent.”
Enhanced market position
Persistent Systems has heavily invested in its go-to-market strategies and talent development, strengthening its collaboration with Google Cloud.
As a specialized Global Solutions Systems Integrator (SSI) partner, Persistent has a proven track record in implementing Google Cloud solutions. This expanded partnership is expected to further assist joint clients in harnessing the cloud’s potential for scalability and innovation.
The market’s positive response to this strategic partnership underscores the potential for significant advancements and value creation in the cloud and AI sectors, positioning Persistent Systems as a key player in driving digital transformation across industries.