Persistent Systems acquires US-based social apps startup

Software services firm Persistent Systems today said it has acquired US-based social apps startup CloudSquads for an undisclosed amount.
The California-based firm helps companies develop strategies for engaging with the modern social customer across all customer facing functions including brand, marketing, sales and support.
Persistent today said: "It has entered into a definitive agreement to acquire privately-held CloudSquads, an innovative consultancy that has created social communities for over 70 global companies."
Terms of the agreement were not disclosed and are subject to certain closing conditions, which are expected to conclude in the coming financial quarter, it said in a statement.

"Social communities are now an increasingly critical part of the digital transformation in enterprises and this market is poised for significant growth," Persistent Systems Inc President Ranga Puranik said.
CloudSquads complements the firm's software product development and SMAC (Social, Mobile, Analytics, Cloud) technology expertise with consulting, IP connectors and implementation services around social community platforms, he added.

Founded in 2009, CloudSquads was started by Ashish Seth and Henry Bruckstein and helps clients use social media to collaborate with their customers, partners and employees.
In a bid to drive growth, the Pune-based firm has been investing in the SMAC technologies space.

It has also started a VC fund, Persistent Venture Fund, which is an early-stage investment fund focusing on innovation in SMAC.
In the December 2013 quarter, the VC fund invested in two US companies Ustyme and DxNow.
In Ustyme, Persistent invested USD 250,000, while in DxNow, it has so far infused USD 125,000 and can further invest a similar amount in the near future.
Ustyme is a free video-call app for iPad that creates shared experiences through quality content like books and games, while, DxNow is a life sciences firm that uses advanced microfluidic and imaging technologies for point-of-care diagnostic solutions.