MeadWestVaco sells Paxonic to Persistent Systems

Pune: MeadWestvaco Corporation and Persistent Systems, together announced that MWV has sold its Paxonix business to Persistent Systems. However, despite this deal, MWV will continue to be a user of Paxonix, and will serve as a reseller of Paxonix software and services. Other terms of the agreement were not disclosed.

“For almost two decades, Persistent Systems has been a recognized leader in software product development services, providing innovative solutions to software companies and enterprises,” said Hari Haran, President, Persistent Systems. “We have launched an aggressive growth plan through investment in IP leveraged frameworks, solutions and services. With the addition of Paxonix's branding and packaging solutions, Persistent will significantly enrich the suite of services around enterprise collaboration solutions,” he added.

“As organizations strive to be efficient, responsive and global, Paxonix brings efficiency to the speed-to-market process, enhancing a company's overall ability to compete in today's marketplace,” said Don Armagnac, CEO, Paxonix. “We are proud of the success we have built around the Paxonix brand and product, and are confident Persistent Systems has the global presence, vision and influence within the software product development services industry to realize its next level of success,” he commented.

The strategic acquisition of Paxonix significantly strengthens Persistent's market position. Delivered as 'Software-as-a-Service', the Paxonix product is in line with Persistent's SaaS/Cloud offerings. This solution offering will enable the company to address new industry verticals as well as deliver innovative software solutions on the cloud.