MeadWestvaco Corporation (NYSE: MWV) and Persistent Systems announced today that MWV has sold its Paxonix business to software development services company, Persistent Systems. Paxonix provides web-based branding and packaging process solutions that accelerate speed to market. The business was formed within MWV in 2001 and has steadily increased its unique, competitive offering of services and products. As MWV has sharpened its focus on value-added consumer packaging solutions, Paxonix is best positioned for success and growth within a specialized software services enterprise.
āFor almost two decades, Persistent Systems has been a recognized leader in software product development services, providing innovative solutions to software companies and enterprises,ā said Hari Haran, president of Persistent Systems, Inc. āWe have launched an aggressive growth plan through investment in IP leveraged frameworks, solutions and services. With the addition of Paxonixās branding and packaging solutions, Persistent will significantly enrich the suite of services around enterprise collaboration solutions.ā
āAs organizations strive to be efficient, responsive and global, Paxonix brings efficiency to the speed-tomarket process, enhancing a companyās overall ability to compete in todayās marketplace,ā said Don Armagnac, chief executive officer of Paxonix. āWe 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.ā
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.
The strategic acquisition of Paxonix significantly strengthens Persistentās market position. Specializing in packaging and brand asset management, Paxonix has a unique combination of specific technology and domain knowledge with a marquee list of customers. Delivered as āSoftware as a Serviceā, the Paxonix product is in line with Persistentās SaaS/Cloud offerings. Persistent is committed to building state-of-the art solutions delivered as SaaS. This solution offering will enable the Company to address new industry verticals as well as successfully deliver innovative software solutions on the Cloud.
āFor almost two decades, Persistent Systems has been a recognized leader in software product development services, providing innovative solutions to software companies and enterprises,ā said Hari Haran, president of Persistent Systems, Inc. āWe have launched an aggressive growth plan through investment in IP leveraged frameworks, solutions and services. With the addition of Paxonixās branding and packaging solutions, Persistent will significantly enrich the suite of services around enterprise collaboration solutions.ā
āAs organizations strive to be efficient, responsive and global, Paxonix brings efficiency to the speed-tomarket process, enhancing a companyās overall ability to compete in todayās marketplace,ā said Don Armagnac, chief executive officer of Paxonix. āWe 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.ā
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.
The strategic acquisition of Paxonix significantly strengthens Persistentās market position. Specializing in packaging and brand asset management, Paxonix has a unique combination of specific technology and domain knowledge with a marquee list of customers. Delivered as āSoftware as a Serviceā, the Paxonix product is in line with Persistentās SaaS/Cloud offerings. Persistent is committed to building state-of-the art solutions delivered as SaaS. This solution offering will enable the Company to address new industry verticals as well as successfully deliver innovative software solutions on the Cloud.
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