Persistent Systems further strengthens its management team to prepare for Outsourcing 3.0

Appoints Chief Financial Officer and Chief Marketing Officer to add impetus to Outsourcing 3.0 strategy

Pune, May 20, 2008: Persistent Systems, a leading player in the Outsource Product Development (OPD) space today announced the appointment of Rajesh Ghonasgi as Chief Financial Officer (CFO) and Yesh Subramanian as Chief Marketing Officer (CMO). The two new additions are expected to provide an impetus to the impressive growth Persistent Systems has been witnessing over the last few years.

Rajesh will be in Pune, and will be managing all the financial activities at Persistent including handling the financial risks of the business, financial planning and record-keeping, as well as financial reporting to the higher management. While Yesh will be based in the US and will be driving all aspects of Marketing at Persistent focusing on company positioning and branding, establishing thought leadership, lead-generation, product marketing and marketing communications.

Commenting on the appointments, Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems said, “I am delighted to have Rajesh and Yesh on board at Persistent Systems. We see Outsourcing 3.0 as the next big opportunity in Software Product Development, and the joining of Rajesh and Yesh will surely help us support and sustain this next big step in our product development service offerings.”

Said Dr. Srikanth Sundararajan, Chief Operating Officer, “We are excited to have Rajesh and Yesh on-board the Management Team of Persistent Systems. Taking into account the knowledge and experience these gentlemen bring with them alongwith the able management that we already have at Persistent Systems, we are now well poised to propel the company into the next level of Industry maturity.”

Rajesh is a qualified Chartered Accountant (FCA), Cost Accountant (ICWA) and Company Secretary (CS). He has over 20 years experience of working with leading Technology companies such as Wipro, Deutsche Software and ICICI Venture Funds Management in the areas of Finance, Legal and cross-functional activities.

Yesh has over 18 years of experience building market and business development strategies across diverse industries such as IT services, enterprise software, mortgage/financial services, life sciences, and transportation. Prior to Persistent Systems, he served as Executive Vice President at ISGN, focused on the ITES and KPO business area. He has also led several startups in enterprise software, focusing his efforts on the market strategy and alliances functions.

Yesh holds an MBA degree from the Graduate School of Business at Stanford, CA and an MS/BS in Engineering from the Harvey Mudd College in Claremont CA.

About Persistent Systems (www.persistentsys.com)

Established in 1990, Persistent Systems is an outsourcing innovator and leader, focused exclusively on Software Product Development. With 4,000 employees, ground-breaking business models, and reusable assets and frameworks, Persistent Systems helps its 170+ customers increase revenues and margins, and enhance brand value. Persistent delivers over 500 product releases each year for its platform and application providers, and enterprise customers. Persistent has developed revolutionary processes for the entire product lifecycle which reduce time to market while delivering consistent quality and customer satisfaction – as evidenced by customer partnerships that span many years.

Media Contacts:

Pinal Patil

Persistent Systems Ltd.

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Email: pinal_patil {at} persistent.co(.)in

Nabanita Mukerjee

20:20 MEDIA Pvt. Ltd.

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