Sri Lanka’s 99x announces acquisitions in Portugal and Brazil
The Morning: 99x continues to expand its global presence with two new acquisitions in Portugal and Brazil. The acquisitions of Cleverti – Portugal and LeanOn Systems – Brazil were formally concluded by 99X Investment AS, Norway in October.
Cleverti is a nearshore software services provider based in Portugal with over 90 dedicated staff members offering the full breadth of software development, DevOps, and QA testing solutions for customers across 14 countries in Europe. Companies from mature markets like the UK, Germany, and Scandinavia build and maintain their digital applications with Cleverti. LeanOn Systems Brazil consists of over 60 employees and focuses on mobile and web development, DevOps, and AI/ML, serving the Nordic and US markets.
99x Founder and CEO Mano Sekaram commented: “These acquisitions are part of our global expansion strategy to extend our offerings to clients in Europe and beyond, further tapping into services that often require a nearshore presence to address privacy issues such as GDPR. This also equips us as a company with a local presence across Brazil, Norway, Portugal, Sri Lanka, and Malaysia, providing our customers access to talent across geographies and time zones”.
Commenting on the expansion, 99x Chief Engineering and Innovation Officer (CEIO) Hasith Yaggahavita added: “The global expansion also provides opportunities for our staff to work overseas, relocate to gain exposure and become global professionals. Over the past year, we were pleased to see several Xians taking on new roles in regions like Norway and Malaysia.”
Founded in Sri Lanka, 99x is a global product engineering company co-creating robust, innovative digital products for the Scandinavian market. Its expertise has been proven through a portfolio of over 150 impactful global digital products developed since 2004, together with leading Independent Software Vendors (ISVs). The 99x Group employs over 600 technology and product specialists, who are high achievers, creative thinkers, and team players in Sri Lanka, Brazil, Norway, Portugal, and Malaysia.
OSL take:
The ICT and digital infrastructure development sectors in Sri Lanka provide lucrative business opportunities as the country is heading towards becoming an emerging business destination in the South Asian region. The government of Sri Lanka is committed towards transforming the country into an e-economy to be in line with the latest global developments. The expansion of local businesses engaged in the ICT and digital infrastructure development sectors, even to foreign countries, is indicative of the growth and business potential in these sectors. With the ongoing economic activities and many programmers focused on the digitalization of the country’s key institutions and platforms, foreign businesses/investors could confidently explore the expanding opportunities in Sri Lanka’s ICT and digital infrastructure development sectors. Foreign businesses could also look at forming partnerships or joint ventures with local businesses engaged in the ICT and digital infrastructure development sectors with the aim of further expansion.
| Article Code : | VBS/AT/20231121/Z_4 |