Bengaluru, June 27 -- Persistent Systems Ltd on Saturday announced its biggest acquisition since listing in 2010, aiming to leapfrog Mphasis Ltd and Coforge Ltd to become the country's seventh-largest IT services company.

Persistent Systems will pay €81 per share to acquire Nagarro SE for roughly $1.3 billion. The deal is expected to close by March 2027, after which the combined entity will operate as the Persistent-Nagarro Group.

Nagarro is a Munich-based IT services firm that ended last fiscal year with $999 million in revenue and about 18,500 employees. Almost half of its revenue comes from European clients, a key benefit of the deal, according to Persistent.

"This combination strengthens our position in Europe, expands our sc...