The Persistent Way
The Persistent Way allowed us to grow on our own terms, by our own design, through deliberate investments and decisions made as we forged our own unique path.
Engineering Success,
Delivering Value
33rd Annual Report, 2023
A Billion Dollars and Beyond
We initiated strategic acquisitions in cloud, security and hyperscalers to build upon our Digital Engineering expertise, enhanced our partner ecosystem to leverage its vast wealth of experience and expanded our global delivery footprint to be closer to our clients. We engineered success for our clients as they searched for new avenues of growth, innovation and competitive advantage. We delivered value with solutions that had real-life human impact across the world.
All these characteristics make us one of the top-performing companies in our sector, exceptionally well prepared to face and overcome any economic and business challenge.
We will reach this goal only if we continue to focus on areas that create lasting results, beginning with investments in our people so that they feel valued for their talents and empowered to grow professionally and personally. We will enable them to give back and make a difference in the communities and countries in which they work and live. And we will collaborate with clients on new transformation and modernization initiatives anchored in our innovative IP and premier service delivery.
We are entering a new phase of our growth strategy and Digital Engineering leadership where we will continue engineering success and delivering value through The Persistent Way.
Contents
FY23 Performance Highlights
FY23 Performance Highlights
33rd Annual Report, 2023
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Persistent
Foundation
Persistent
Foundation
Persistent
University
Persistent
University
Awards and Analyst Recognitions
Awards and Analyst Recognitions
Engineering
Client Success
Engineering
Client Success
Delivering Value
with Partners
Delivering Value
with Partners
Delivering Value Through Innovation
Delivering Value Through Innovation
Message from the Chairman
Dear Fellow Shareowners,
It is an honor and privilege to present our 33rd Annual Report for Financial Year (FY) 2022-23 as we achieve an important milestone of becoming a Billion Dollar Company.
The 33-year journey from taking an initial idea to a Billion Dollar business has been exhilarating, challenging and immensely satisfying. This journey has been possible only because of the unwavering support we received from employees, customers, partners and thousands of well-wishers. I remain eternally grateful to all of them.
Read full message
Message from the CEO
Dear Valued Shareowners,
I am pleased to present to you the annual report for Financial Year 2022-23 as your Company achieved $1 billion in annual revenue, a testament of how The Persistent Way enables resiliency, focus and growth for us and for our clients in a challenging global macroeconomic environment.
We delivered 35.3% year-on-year (YoY) growth, with $1.036 billion in FY revenue on the back of 12 quarters of industry leading sequential growth. Our operational discipline generated strong Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) margin, ending the year with +58.5% YoY. The Persistent family expanded to...
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Perhaps most critically, we also created an environment that encourages our 22,750+ employees to strive for excellence as they apply their unique skills to solve customer challenges and produce meaningful outcomes for our clients.
The Persistent Way is never-ending. Looking ahead, we continue our journey with a renewed sense of commitment to grow our business far beyond $1 billion and generate additional shareowner value.
Delivering Digital Engineering Leadership
Environmental, Social and Governance
Environmental, Social and Governance
Delivering Digital Engineering Leadership
First Orbit
1990 – 2001
Company inception
Targeting database-centric clients
2000 — Intel IA 64 investment
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\
\
Second Orbit
2001 – 2008
Category leadership for
outsourced product development
2005 — Investment by Norwest &
Gabriel Ventures
\
\
Third Orbit
2008 – 2016
Offering expansion to
full product lifecycle
2010 — Persistent IPO;
93x oversubscribed
\
\
Fourth Orbit
2016 – 2019
Catching the early wave of
Digital Transformation
Rapid expansion into
enterprise customer segment
\
\
Fifth Orbit
2019 – 2023
Strong positioning as a Global
Digital Engineering leader
Industry-leading
sequential growth for 12 quarters
\
\
The Persistent Way Forward
The Persistent Way Forward
Unleashing the Power of Generative AI
Unleashing the Power of Generative AI
We delivered 35.3% year-on-year (YoY) growth, with $1.035 billion in FY revenue and 12 quarters of sequential revenue growth. Our operational discipline generated another strong Earnings...
We delivered 35.3% year-on-year (YoY) growth, with $1.036 billion in FY revenue on the back of 12 quarters of industry leading sequential growth. Our operational discipline generated strong Earnings Before Interest...
Read full message
As we celebrate this milestone, I feel nostalgic as I reflect upon our incredible journey together. Growth in a business is not linear but a sequence of S-Curves. Some defining...
The Persistent Way allowed us to grow on our own terms, by our own design, through deliberate investments and decisions made as we forged our own unique path.
We initiated strategic acquisitions in cloud, security and hyperscalers to build upon our Digital Engineering expertise, enhanced our partner ecosystem to leverage its vast wealth of experience and expanded our global delivery footprint to be closer to our clients.
All these characteristics make us one of the top-performing companies in our sector, exceptionally well prepared to face and overcome any economic and business challenge.
The Persistent Way is never-ending. Looking ahead, we continue our journey with a renewed sense of commitment to grow our business far beyond $1 billion and
Perhaps most critically, we also created an environment that encourages our 22,750+ employees to strive for excellence as they apply their unique skills to solve customer challenges and produce meaningful outcomes for our clients.
generate additional shareowner value. We will reach this goal only if we continue to focus on areas that create lasting results, beginning with investments in our people so that they feel valued for their talents and empowered to grow professionally and personally. We will enable them to give back and make a difference in the communities and countries in which they work and live. And we will collaborate with clients on new transformation and modernization initiatives anchored in our innovative IP and premier service delivery.
We are entering a new phase of our growth strategy and Digital Engineering leadership where we will continue engineering success and delivering value through The Persistent Way.
We engineered success for our clients as they searched for new avenues of growth, innovation and competitive advantage.
We delivered value with solutions that had real-life human impact across the world.
Message from the Chairman
Dear Fellow Shareowners,
It is an honor and privilege to present our 33rd Annual Report for Financial Year (FY) 2022-23 as we achieve an important milestone of becoming a Billion Dollar Company.
The 33-year journey from taking an initial idea to a Billion Dollar business has been exhilarating, challenging and immensely satisfying. This journey has been possible only because of the unwavering support we received from...
As we celebrate this milestone, I feel nostalgic as I reflect upon our incredible journey together. Growth in a business is not linear but a sequence of S-Curves. Some defining...
Read full message
Message from the CEO
Dear Valued Shareowners,
I am pleased to present to you the annual report for Financial Year 2022-23 as your Company achieved $1 billion in annual revenue, a testament of how The Persistent Way enables resiliency, focus and growth for us and for our clients in a challenging global macroeconomic environment.
We delivered 35.3% year-on-year (YoY) growth, with $1.036 billion in FY revenue on the back of 12 quarters of industry leading sequential growth....
Read full message
First Orbit
1990 – 2001
Company inception
Targeting database-centric clients
2000 – Intel IA 64 investment
\
\
\
Second Orbit
2001 – 2008
Category leadership for
outsourced product development
2005 – Investment by Norwest &
Gabriel Ventures
\
\
Third Orbit
2008 – 2016
Offering expansion to
full product lifecycle
2010 – Persistent IPO;
93x oversubscribed
\
\
Fourth Orbit
2016 – 2019
Catching the early wave of
Digital Transformation
Rapid expansion into
enterprise customer segment
\
\
Fifth Orbit
2019 – 2023
Strong positioning as a Global
Digital Engineering leader
Industry-leading
sequential growth for 12 quarters
\
\
33rd Annual Report, 2023