Persistent Systems gains 3% on development rights from USAA

Shares of Persistent Systems added 3.3 percent intraday Tuesday as it has received development rights from USAA.The company has entered into an agreement with USAA, a Fortune 500 financial service provider, for development rights to a number of patented innovations currently in use by USAA related to security in financial services.Through, this agreement the company will extend these technologies and address a growing market opportunity for digital security products and solutions in the financial service industry.Sudhir Kulkarni, President Digital at Persistent Systems said, "This agreement is at the intersection of security and digital transformation in financial services, and it brings together USAA's patented security technologies with our product engineering DNA to strengthen our focus on the how of digital."At 14:28 hrs Persistent Systems was quoting at Rs 635.20, up Rs 8.15, or 1.30 percent on the BSE.Posted by Rakesh Patil