In a strategic move to diversify into the IT solutions domain, Lanka Century Investments PLC.(LCI), a conglomerate reputed for its market dominance in manufacturing, real estates and strategic investments, announced that it has completed the acquisition of the global IT enterprise solutions provider, Millennium Information Technologies Pvt. Ltd., (MillenniumIT ESP).
Under the terms of the agreement, LCI will acquire a 100% stake of MillenniumIT ESP from London Stock Exchange Group (LSEG) with management and shareholding control. As part of this acquisition agreement, LCI will also enter into a wider ownership plan with the employees of MillenniumIT ESP giving them an equity stake and enabling them to play a significant role in shaping the company’s future as owner managers.
LSEG will retain full ownership of MillenniumIT Software, the trading technology and software development component of the business.
With over 3200 employees, the LCI Group, isreputed for its market dominance in manufacturing, real estate and strategic investments.Through LCI’s various investments and restructuring the Group has grown to become a medium sized, diversified conglomerate. The acquisition of MillenniumIT ESP is part of the Group’s Vison 2020 strategy designed to deliver strong global growth.
This acquisition is expected to boost the Groups’ effort to revamp and rebuild a sustainable future-oriented conglomerate geared to takeon the tech-oriented business opportunities available inglobal markets.
Commenting on the acquisition, Murali Prakash – Group CEO/MD, Lanka Century Investments PLC stated that, “We are pleased to conclude this transaction and I would like to officially welcome our new colleagues from MillenniumIT ESP and the tremendous talent they bring to the LCI Group”.
“Technology plays a pivotal role across the world and the acquisition of MillenniumIT ESP will accelerate LCI’s international growth strategy. The Group will be well positioned to pursue the global opportunities posed by fintech and other enterprise businesses through the creation of a world class brand portfolio.”
MillenniumITESP is one of Sri Lanka’s leading information systems solutions providersdelivering IT solutions for many industries; the largest of which are in the financial and telecommunications areas.
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