Dialog Axiata PLC on Friday said its subsidiary Dialog Broadband Networks (Private) Ltd had entered into a share sale and purchase agreement to acquire 100 percent of shares in VSIS Enterprise Solutions (Private) Limited (VES).
VES is the systems integration business of VS Information Systems (Private) Limited, with an annual turnover of around Rs.2.7 billion.
“The acquisition of VES by Dialog is aimed at widening our enterprise service offering in Sri Lanka and across the Axiata footprint in Asia,” Dialog Axiata Group Chief Executive Supun Weerasinghe said.
“The combination of VES and Dialog will no doubt strengthen the offering in terms of empowering our customers with the tools and infrastructure necessary to compete in an increasingly technologically sophisticated global marketplace,” he added.
Dialog did not disclose the value of the acquisition. The transaction is expected to be completed in April 2020.
The enterprise solutions at Dialog and VES are aimed at helping firms digitally transform with technologies such as cloud, Internet Of Things, Artificial Intelligence and advanced connectivity.
VSIS had entered into systems integration 10 years ago, Director/Chief Executive Priyanga Gunasekara said.
“While this growth was achieved organically, we believe with additional investments coming into VES from DBN, VES will be able to grow exponentially,” Gunasekara added.
“This acquisition would strengthen VES financially while broadening the offerings of both ICT and mobile IOT services to our customers.”