Paxonic sold to Persistent

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.

"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. We are confident about Persistent Systems, which has a global
presence, vision and is a paramount influence within the software product
development services industry. It will reach its next level of success," he
commented.

The strategic acquisition of Paxonix significantly strengthens Persistent's
market position. Delivered as 'software-as-a-service' (SaaS), 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.