Pune-based software product and technology company Persistent Systems Ltd said it has acquired a 4% stake in Pune-based start-up, Altizon Systems Pvt. Ltd, which is focused on the Internet of Things (IoT).
This follows an announcement by Persistent Systems to BSE on 15 September that it has entered into a stock purchase agreement with Altizon Systems, for $100,000, or Rs.61 lakh, by subscribing to the equity shares of Altizon in one or more tranches from time to time.
The spokesperson for Persistent also said that the entire sum would be funded through internal accruals from the Persistent Venture Fund, and the first tranche of $50,000 or Rs.30.57 lakh has already been paid.
Details of when the transaction is expected to close was not specified.