Sri Lanka’s MAS Holdings sells software subsidiary Attune Lanka Ltd. to US based Rizing - Opportunity Sri Lanka
Sri Lanka’s MAS Holdings sells software subsidiary Attune Lanka Ltd. to US based Rizing

Sri Lanka’s MAS Holdings sells software subsidiary Attune Lanka Ltd. to US based Rizing

MAS Holdings in Sri Lanka has reportedly announced that it had sold the software subsidiary Attune Lanka Ltd. to Rizing, which is a privately-held, US-based boutique firm for an undisclosed amount.
According to MAS, the sale was in line with its long-term strategic objectives.
Rizing specialises in providing SAP solutions for Consumer Industries, Enterprise Asset Management and Human Capital Management worldwide, according to media reports.
“This is a significant investment in a Sri Lankan-owned global technology firm by a company that is backed by a large private equity fund from the US, which will undoubtedly help attune to scale and strengthen its business in the years to come,” MAS has reportedly stated.
Attune Lanka has subsidiaries in India, Australia, China, HK, Italy, Germany, UK, US and Netherlands, with over 500 employees worldwide.
In 2018, MAS Holdings completed an assignment with a leading global consultant to develop a long-term strategic plan, which identified areas of growth based on its core competencies and in the adjacent areas of Femtech and Wearable technology. The divestment of attune was an outcome of this plan, with the intent of finding the right partner for the Company to enable it to scale and grow, the Daily FT has reported.
“The acquisition by Rizing ensured that attune would benefit from Rizing’s global scale and expertise, and that their customers and employees continue to thrive as part of a leading solutions provider in the fashion and consumer industries,” MAS Holdings Mahesh Amalean has been quoted as saying.
He has added that MAS would continue its close partnership with Rizing and attune in terms of the ongoing implementation and support for SAP products and services across MAS SBU’s in Sri Lanka and overseas.

Rizing CEO Mike Maiolo has reportedly said, “Customers from both organisations benefit from this partnership. Now two of the top SAP partners in Consumer Industries and Fashion are a united force to deliver unmatched value through combined experience, expertise and scale.”
A leading provider of systems solutions and implementation services for SAP and with offices in North America, Europe, Asia and Australia, Rizing is headquartered in Stamford, Connecticut, and has been on an aggressive mergers and acquisitions plan since 2018, acquiring several US-based and global firms.
“This merging of Rizing’s and attune’s industry knowledge and experience will provide our long-term valuable clients with access to exciting new technologies and talented resources,” Attune CEO Vajira de Silva has said.
“The strength of the combined companies will allow us to grow into new markets and augment our products and services to better address the needs of existing and new clients,” he has added.

OSL take:

The above mentioned sale is indicative of the growing business/investment opportunities in Sri Lanka. The island’s economy is continuing to expand despite facing the impact of the global Covid 19 pandemic. Sri Lanka’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country have helped boost Sri Lanka as a business destination in the South Asian region. Foreign businesses/investments could therefore explore business/investment opportunities in Sri Lanka.

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Article Code : VBS/AT/20210507/Z_2

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