Persistent Systems Limited (BSE:533179) entered into a stock purchase agreement to acquire Software Corporation International for $46.4 million on September 29, 2021. The total purchase consideration payable for the acquisition of Software Corporation International and Fusion 360 LLC is $53 million which includes Upfront payment of $34.45 million to shareholders of SCI, subject to customary adjustments for working capital, debt and cash on Closing, Earnout ? shareholders of SCI will be eligible for a maximum amount of $5.96 million per annum over next two years and Retention Payment to Key employees and consultants of SCI will be eligible for an aggregate amount of $2.21 million per annum at the end of Year 1, Year 2 and Year 3. This amount is contingent on achievement of certain performance thresholds. The purchase consideration shall be paid in cash. The consolidated revenue of SCI was $17.08 million for the year ended December 31, 2020. The acquisition is subject to customary closing conditions. The transaction is expected to complete within next 2 weeks. As of October 5, 2021, customary closing conditions have been met. 7 Mile Advisors, LLC acted as exclusive advisor to the company. Persistent Systems Limited (BSE:533179) completed the acquisition of Software Corporation International on October 5, 2021.