(Source: Business Wire)MeadWestvaco Corporation (NYSE: MWV) and Persistent Systems announced today 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 unique, competitive offering of services and products. As MWV has sharpened its focus on value-added consumer packaging solutions, Paxonix is best positioned for success and growth within a specialized software services enterprise.

"For almost two decades, Persistent Systems has been a recognized leader in software product development services, providing innovative solutions to software companies and enterprises," said Hari Haran, president of Persistent Systems, Inc. "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."

"As organizations strive to be efficient, responsive and global, Paxonix brings efficiency to the speed-to-market process, enhancing a company's overall ability to compete in today's marketplace," said Don Armagnac, chief executive officer of Paxonix. "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."

MWV will continue to be a user of Paxonix, and will serve as a reseller of Paxonix software and services. Other terms of the agreement were not disclosed.

The strategic acquisition of Paxonix significantly strengthens Persistent's market position. Specializing in packaging and brand asset management, Paxonix has a unique combination of specific technology and domain knowledge with a marquee list of customers. Delivered as ˜Software as a Service', the Paxonix product is in line with Persistent's SaaS/Cloud offerings. Persistent is committed to building state-of-the-art solutions delivered as SaaS. This solution offering will enable the Company to address new industry verticals as well as successfully deliver innovative software solutions on the Cloud.

About MWV

MeadWestvaco Corporation (NYSE: MWV), provides packaging solutions to many of the world's most-admired brands in the healthcare, beauty and personal care, food, beverage, media and entertainment, home and garden, tobacco, and commercial print industries. The company's businesses also include Consumer & Office Products, Specialty Chemicals, and the Community Development and Land Management Group, which sustainably manages the company's land holdings to support its operations, and to provide for conservation, recreation and development opportunities. With 21,000 employees worldwide, MWV operates in 30 countries and serves customers in more than 100 nations. MWV manages all of its forestlands in accordance with internationally recognized forest certification standards, and has been named to the Dow Jones Sustainability World Index for the sixth consecutive year. For more information, please visit www.mwv.com.

About Persistent Systems

Established in 1990, Persistent Systems is recognized as an award-winning technology company specializing in software product development services. With 4,200+ employees, innovative business models, and reusable assets and frameworks, Persistent helps its customers increase revenues and margins, and enhance brand value. Persistent Systems has delivered over 2,400 software product releases to their 175+ customers in the last six years. It has developed proven 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. For more information, visit http://www.persistentsys.com

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