24 December 2020 09:46 am
Dialog Axiata PLC yesterday said it had entered into an agreement to acquire 100 percent shareholding in H One (Private) Limited, through Dialog Broadband Network (Private) Limited (DBN), a fully owned subsidiary of Dialog.
H One founded in 2008 as a subsidiary of Hirdaramani Group, is the largest reseller of Microsoft enterprise solutions in Sri Lanka with an annual turnover of approximately Rs.1.6 billion.
The transaction is expected to be completed before end of January 2021, at a purchase consideration of between Rs.300-350 million on a cash-free, debt free basis.
“The acquisition of H One by Dialog would supplement Dialog’s expansive suite of enterprise solutions and would facilitate acceleration of the digital transformation of Sri Lanka’s enterprise sector,” Dialog Axiata Group CEO Supun Weerasinghe said.
“The combine of Dialog’s expertise in advanced digital technologies and the leading edge capabilities of H-One will create a centre of excellence for the scaling of Microsoft platforms and enterprise solutions,” he added.
“H One is the leading Microsoft services provider in Sri Lanka delivering innovative solutions to many top corporates in the country.
“We are confident that Dialog will continue to drive the consistent growth and innovation that has been a huge part of the company’s success to-date. Hirdaramani Group will support H One’s progress, as one of the largest users of Microsoft technologies in Sri Lanka, while focusing on our own digital transformation journey in the years to come,” Hirdaramani Group Managing Director Ranil Pathirana said.
“It has been an exciting journey so far at H One. We’ve become the largest enterprise player in Sri Lanka for Microsoft Solutions and have partnered with many wonderful customers over the years.
“I am grateful to the Hirdaramani Board for the vision, trust and support in scaling this business to where it is today. The Team and I look forward to joining the Dialog family, where we hope to rapidly scale the business in the region whilst maintaining the close-knit customer-centricity and DNA that has made us an award-winning team,” H One CEO Samath Fernando said.