Business Irish

Sunday 22 October 2017

Persistent pays off for Aepona

Intel sells firm after two years
Intel sells firm after two years

Margaret Canning

INDIAN firm Persistent Systems has bought Belfast-based Aepona from Intel.

The chip giant is selling on the business only two years after buying it for around $120m (€110m).

The sale by Intel, which had revenue of $13.2bn for second quarter of the year, is expected to be finalised in six to eight weeks.

The Irish Independent first revealed the sale of Aepona to Intel back in 2013.

A statement from Intel confirmed the planned sale to Persistent Systems. "Going forward, we expect to collaborate with Persistent and other third parties for the type of capabilities that Aepona offers...while we sharpen our focus on the internal development of software and services that differentiate our platforms for these segments," said Intel in a statement.

Michael Black, general manager at the company, could not be reached for comment yesterday.

In an interview, Persistent Systems chief Anand Deshpande said it had a "nice formula for acquisition and we acquire them at a reasonable price". It made three acquisitions in the second quarter of the year. Early Aepona backers including BlackBerry and software giant SAP. It was founded by Gilbert Little and Larry Quinn.

Irish Independent

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