99 X in growth mode
Internationally renowned software product development company 99 X, is in an aggressive expansion mode with strategic acquisitions on the back of an evolving global landscape.
“Currently, we are in the final stages of acquiring two additional companies, one in Scandinavia and another in Eastern Europe. While the specific details of these acquisitions are not yet public, we plan to share more information within the next few months,” Hasith Yaggahavita, CEO 99X said. Noting that the company is now expanding through strategic acquisitions, with over five entities taken under 99X brand in Europe and the Americas within the last three years, he told The Sunday Times Business adding that the headquarters in Oslo, Norway, now serves as the hub of their international operations and M&A activities.
Explaining the reasons for 99X’s growth mode he noted: “Although we have witnessed significant organic growth throughout the years, we acknowledged the necessity to adapt to the changing global economic environment. The increasing restrictions in international trade policies indicated that 99X could no longer function with a geo-centralised strategy; it was imperative to establish a wider presence across various markets. This understanding served as the main impetus for our pursuit of non-organic growth.”
Expanding in this way opens better opportunities for their employees, enabling them to build global careers, he further added saying that it also provides greater value to investors from the company valuation. “Most importantly it offers our clients a wider variety of services under one brand. This strategic move is a win-win for all parties involved.”
He also added that the long journey of 99X began with the vision and leadership of Mano Sekaram, a renowned figure in the Sri Lankan IT industry. “It started as a small team’s passion to provide exceptional service to customers from 5000 miles away. Through that team’s relentless commitment to excellence, 99X has grown from a grassroots initiative into a global brand and an industry powerhouse.”
On Sri Lanka’s IT landscape, Mr.Yaggahavita said that the market remains fragmented with many players, but there is an increasing trend for consolidation through mergers and acquisitions. “This trend is reshaping the industry, creating new opportunities as well as a rapidly evolving competitive landscape.”
In the global context where the company primarily operates in Europe, he said that the last couple of years have undeniably been challenging due to conflicts in Europe and West Asia. Despite these difficulties, the IT services industry in Europe has shown remarkable resilience, continuing to grow at a rate of over 5 per cent. “In comparison, through our M&A activities, the 99X group was able to grow on average by 50 per cent year on year, which is a remarkable achievement,” Mr. Yaggahavita added.
Migration is a pressing issue for the IT sector, highlighting the responsibility of politicians and policymakers. Mr. Yaggahavita stressed the importance of a stable economic and political climate to encourage Sri Lankans to remain in the country.
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