| CHAIRMAN'S STATEMENT - 2006-07 |
Persistent is on the growth path.
About three years ago, we set out to be a small big company from being a big small company. We have achieved this goal now. For the next few years, scaling the business will be our focus.
About that time, we also set out to create outsourced software product development as being differentiated from other outsourcing. We have achieved that goal and are clear market leaders in this category. Both Forrester Research and NASSCOM have identified outsourced software product development as a separate category and have projected a market in excess of US$ 8-10 billion in 2009. We will need to build scale to maintain leadership.
To help us scale, we have strengthened our management team. Dr. Srikanth Sundararajan joined us as the Chief of Operations and Raj Sirohi joined as President of Persistent Systems, Inc. and Head of Sales. Both have experience of leading organizations that were the size of Persistent's aspirations.
We have continued to maintain excellent growth year-on-year. Over the previous financial year, our consolidated revenues grew by 43% and profits grew by 42% (in rupee terms).
Our focus on all aspects of the product development life-cycle helped us to grow our activities with existing customers. Our specialized offerings helped us to differentiate and win new customers. As proposed by Geoffrey Moore in his book, Dealing with Darwin, our customers are focusing on what is 'core' to them and outsourcing what is 'context'. By aligning our 'core' to meet the requirements of our customers' 'context', we have been able to add new service offerings that are fueling our growth.
We continue to hire the best of talent. Our focus on product development has helped us to attract and to retain individuals who share our passion to build best-of-class products. It has been a team effort and I must acknowledge the contributions of team Persistent for this splendid performance.
Financial year 2007 - 2008 will be very important for Persistent Systems. It will be our eighteenth year - the year from when one gets to vote and be counted as a young adult.
It will be an exciting journey ahead as we scale to the next level.
Best Regards,
Anand Deshpande
Founder, Chairman and Managing Director
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About Persistent
