99x received investment as part of its Capital Restructuring program, an investment of USD 20 million
towards its next phase of planned growth. The funds were through an investment from Herkules Deal-
by-Deal, a Scandinavian private equity company. The investment entails setting up a holding company in
Europe, funds for future acquisitions, and cash remuneration for part of the shares held by the current
shareholders.
Over a period of 15 years, 99x has expanded through organic growth without a direct presence in
Europe, building over 150 digital products for a global clientele.
The new investment paves the way for the company to establish a direct presence in Europe and an
acquisition-based growth trajectory, enabling the company to broaden its digital service offerings. This
will also enable 99x to attract larger European customers who would expect a strong local presence in
the EU. This plan is forecasted to result in doubling revenue and an increase in employment beyond 500
people in Sri Lanka over the next few years.
Last year, the company engaged the services of Capital Alliance (CAL) in Sri Lanka to prepare the
necessary collateral to reach out to potential investors. 99x then secured an investment from Herkules
Deal-by-Deal, a reputable private equity firm in Scandinavia. Herkules secured financing from 22 high
net-worth individuals in a short period of time. These individuals are influential CEOs and tech
entrepreneurs, who would add value towards 99x’s business expansion goals.
Mano Sekaram, Founder and CEO, 99x commented, “We began this journey to seek investments to
establish a direct presence in the Scandinavian region and position ourselves for an acquisition led
growth strategy. This is a significant milestone for our employees and for the Sri Lankan IT industry. We
can take pride in a Sri Lankan company being able to win the confidence and trust of such investors and
bring foreign investment into the country.”
“99x’s high customer satisfaction, strong financial performance and the competence of its people was a
key attraction for us to invest in 99x’s next phase of growth. We were impressed by the competency of
the 99x management team and what they have been able to achieve. We believe the tech investors we
have brought together accurately reflect the high quality and substantial growth potential of 99x”,
stated Fredrik Bysveen, Partner at Herkules. He further stated, “We are happy that founder Mano
Sekaram will continue as the CEO and will be one of our main individual shareholders.”
99x is a technology company co-creating well-engineered, innovative digital products for the
Scandinavian market. Its expertise has been proven through a portfolio of over 150 impactful global
digital products together with leading Independent Software Vendors. 99x employs over 350 technology
and product specialists, who are high achievers, creative thinkers and team players. 99x has been
recognized as a top Sri Lankan exporter four times by the National Chamber of Exporters, listed as one
of LMD’s 100 Most Respected Entities, listed on the inaugural index of ICC’s Most Admired Companies,
four times winner at the NCC National Business Excellence awards, and ranked as a Best Workplace in
Sri Lanka for nine consecutive years and as a Best Workplace in Asia on five occasions.
