- LSEG to retain software development arm of MillenniumIT
- Acquisition paves way for LCI to enter IT solutions and services space
Diversified business house Lanka Century Investments PLC (LCI) said yesterday it bought 100 percent of the enterprise solutions business of Millennium Information Technology (Millennium IT ESP) from London Stock Exchange Group (LSEG) for Rs.1.08 billion.
The acquisition marks LCI’s entry into the IT solutions domain. LCI has interests in real estate, manufacturing and strategic investments.
A press statement by LCI said the acquisition includes shareholding and management control of Millennium IT ESP and LCI will also enter into a wider ownership plan with MIT employees.
However, LSEG will retain full ownership of MillenniumIT Software, the trading technology and software development component of the business.
“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,” Lanka Century Investments Group CEO/MD Murali Prakash said.
He said with the acquisition, 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.
MillenniumIT ESP is one of Sri Lanka’s leading information systems solutions providers delivering IT solutions for many industries—the largest of which are in the financial and telecommunications areas.
Solutions include providing core infrastructure, information security, business collaboration, near-field communications, business productivity and managed services solutions. MillenniumIT ESP has a number of global partnerships with firms including Oracle, Microsoft, IBM, Dell, Hitachi and Infosys.
It is also a reputed solutions provider for leading Sri Lankan private and public entities including banks, telecommunication service providers, apparel manufacturers and leading conglomerates. Incorporated in 1910, the LCI Group unlocked a new chapter in its history following the 2015 change of ownership whereby a consortium of shareholders namely Navitas Holdings, Galle Face Hotel Group and the textile giant Hirdaramani Group joined with Taprobane Holdings PLC to be the ultimate parent of the group. Prior to this acquisition, LCI was engaged in the manufacturing of textiles, footwear and porcelain for both the local and export market along with a presence in real estate and other active and passive investments.
The LCI board of directors comprise of A.G. Weerasinghe (Chairman/Non-Independent Non-Executive Director), Murali Prakash (Group Managing Director/ Chief Executive Officer), Ruwan Sugathadasa (Non- Independent Non-Executive Director), Mangala Boyagoda (Independent Non-Executive Director), and Priyantha Maddumage (Non-Executive Director). During the transition period, the MillenniumIT ESP board of directors will comprise of Sanjeev Gardiner (Group Chairman & Chief Executive Officer of the Galle Face Hotel Group and Chairman Taprobane Holdings PLC), Ajith Devasurendra (Deputy Chairman Taprobane Holding PLC) Murali Prakash (Group MD/CEO Taprobane Holdings PLC and Lanka Century Investments PLC) and Ranil Pathirana (Director Hirdaramani Group and Taprobane Holdings PLC).