October, 26, 2021
Having attracted US $ 20 million investment from a Scandinavian private equity company and acquired Norway-based Seeds Consulting AS to increase its presence in Europe, technology company 99x is now gearing to power this global growth with an expansion in talent in Sri Lanka.
Despite the challenges of 2020, it was a year that saw 99x onboard nearly 100 new employees virtually with the trend continuing in 2021, as the company’s workforce continues to work from home, as it has done since March 2020. The current trajectory of the expansion plans is forecasted to result in doubling revenue and an increase in employment beyond 500 people in Sri Lanka over the next few years. In the last quarter alone, the company acquired clients in four different markets – Norway, Sweden, Germany and Singapore.
“Our plans of establishing a direct presence in the Scandinavian market and building new offerings to the European enterprise market is heavily reliant on the expansion of our team here in Sri Lanka. 99x’s increased footprint in Scandinavia in turn opens up a multitude of opportunities for our people, with greater prospects to travel overseas and work with reputed global entities,” observed 99x Founder and CEO Mano Sekaram.
99x has established itself as a provider of well-engineered digital products globally and this technological innovation over two decades has been driven by a 100% Sri Lankan workforce. As 99x embarks on a phase of growth over the next few years, a growing pool of talent in Sri Lanka will be crucial in driving this accelerated global expansion.
“In addition to growing our workforce numbers, we will have a strong focus on skilling up this talent to meet the requirements of European enterprise market. This will in turn contribute towards building up the overall competencies within Sri Lanka’s ICT sector,” noted 99x Chief People Officer Damitha Jayasinghe.
He added: “We have always encouraged our employees to grow and challenge themselves by pushing boundaries. 99x’s new phase of growth will help our people develop themselves even further through greater exposure to global industries, international players and cultures. It will also give them the opportunity to grow their personal brand as a contributor in global arenas.”
Its focus on people development and equal opportunities for all has seen 99x being listed as a Best Workplace in Asia as well as Sri Lanka. Additionally, it has been ranked a Best Workplace for Millennials and Women in Sri Lanka, in 2021.
99x received a $ 20 million investment as part of its capital restructuring program through an investment from Herkules Deal-by-Deal, a Scandinavian private equity company. The investment entails setting up a holding company in Europe, funds for future acquisitions, and cash remuneration for part of the shares held by the current shareholders.
Herkules Partner Fredrik Bysveen when commenting on the key attractions to invest in 99x’s next phase of growth highlighted the competence of its people, in addition to high customer satisfaction and strong financial performance.
99x is a technology company co-creating well-engineered, innovative digital products for the Scandinavian market. Its expertise has been proven through a portfolio of over 150 impactful global digital products, developed together with leading Independent Software Vendors (ISVs). 99x employs over 350 technology and product specialists, who are high achievers, creative thinkers and team players. The company is one of Asia’s Best Workplaces for 2021 and has been named a Best Workplace in Sri Lanka for nine consecutive years.