New Delhi, July 29 -- Persistent Systems, an Indian technology services company, had an eye on the German firm Nagarro for a few years.

The digital engineering firm with over 300 customers in Europe first came into the limelight after private equity player Warburg Pincus explored a potential buyout in late 2024-the Munich-based company's board rejected the offer.

That footprint in the continent also interested Sandeep Kalra, the executive director and chief executive of Persistent Systems. In June this year, the German company's board supported a transaction proposed by the Indian company and an agreement was signed. Nagarro would combine with Persistent Systems for $1.3 billion.

Kalra's company secured about a 21% stake in Nagarro thr...