MeadWestvaco (MWV) and Persistent Systems have announced 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 competitive offering of services and products. Reportedly, MWV will continue to be a user of Paxonix, and will serve as a reseller of Paxonix software and services. The company said that the strategic acquisition of Paxonix is expected to strengthen it’s market position.
Hari Haran, president of Persistent Systems, said: “For almost two decades, Persistent Systems has been a recognized leader in software product development services, providing innovative solutions to software companies and enterprises. We have launched an aggressive growth plan through investment in IP leveraged frameworks, solutions and services. With the addition of Paxonix’s branding and packaging solutions, Persistent will significantly enrich the suite of services around enterprise collaboration solutions.”
Don Armagnac, chief executive officer of Paxonix, said: “As organizations strive to be efficient, responsive and global, Paxonix brings efficiency to the speed-tomarket process, enhancing a company’s overall ability to compete in today’s marketplace. We 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.”