99x received investment as part of its Capital Restructuring program, an investment of USD 20 million towards its next phase of planned growth. The funds were 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.
Mano Sekaram, Founder and CEO, 99x commented, “We began this journey to seek investments to establish a direct presence in the Scandinavian region and position ourselves for an acquisition led growth strategy. This is a significant milestone for our employees and for the Sri Lankan IT industry. We can take pride in a Sri Lankan company being able to win the confidence and trust of such investors and bring foreign investment in to the country.”
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