Persistent Systems, a leading technology solutions company, is witnessing an uptick in multi-year deals and an increasing conversion rate of contracts into annual agreements. As the company continues to grow, executives emphasize opportunities to engage in larger bids, particularly those exceeding $100 million. According to Sunil Sapre, the executive director and CFO of Persistent Systems, the company's credentials are gaining recognition among deal advisors and clients, positioning them for consideration in substantial deals.

The majority of Persistent's current deals fall within the $30-80 million range, with a strategic focus on product engineering. However, the company is eyeing a broader geographic presence, seeking to expand its European business share. Sapre anticipates potential for larger deals in the resilient healthcare and life sciences sector, which currently constitutes 20% of Persistent's business.Despite a sluggish period in the Banking, Financial Services, and Insurance (BFSI) segment, which accounts for 32% of the company's revenue, the software and Hi-tech sector remains robust, making up 48%. This resilience is attributed to the enterprise-centric nature of the business, driven by the demand for automation, AI, cloud computing, and cybersecurity.

Persistent Systems reports positive trends in Total Contract Value (TCV) and Annual Contract Value (ACV). Both metrics have shown consistent growth over the trailing 12 months, with the TCV increasing from $1.72 billion in Q2FY23 to $1.80 billion in Q3FY23. This growth is reflected in the TCV to ACV ratio, which has expanded from 1.33 to 1.40, signifying an increasing focus on multi-year deals.The company is witnessing growth in the number of clients with deals exceeding $10 million, demonstrating a positive trajectory. With an active engagement strategy, Persistent aims to deepen its client relationships, particularly in enabling large-scale adoption of AI, cloud, and cybersecurity solutions.

Persistent Systems has set its sights on expanding its market share in Europe, currently at 8-9%, with plans to reach 12% or more within the next three to four years. The company is actively exploring tuck-in acquisitions to enhance its capabilities and fill competency gaps in specific areas.To showcase its expertise and solutions, Persistent has established GenAI Studios in the US, UK, and India. These studios provide immersive experiences for clients and partners, fostering co-innovation and experimentation. The company is actively engaged with 175 clients with million-dollar deals, collaborating on Proof-of-Concept initiatives to explore the potential use cases of GenAI technology.

Persistent Systems, with over two decades of experience in AI, has been at the forefront of innovation. The company operates Analytics Centers of Excellence for clients, specializing in niche applications such as early detection of lung cancer and chronic kidney diseases in healthcare. With 3,000 engineers possessing AI expertise and partnerships with industry giants like Microsoft, AWS, and Google, Persistent continues to lead in the Generative AI market, earning recognition as an early adopter and leader according to HFS Horizons.