Ambeon Capital PLC acquired the systems integration division of MillenniumIT from the London Stock Exchange Group for US$ 11 million to strengthen its position in Sri Lanka’s growing technology market.

Information on the Target

The target of this acquisition is the systems integration division of MillenniumIT, a premier systems integrator in Sri Lanka. Founded in 2000, MillenniumIT is well-regarded for its robust technical capabilities and innovative solutions, primarily serving clients across various sectors including finance and telecommunications. The systems integration division specializes in delivering integrated technology solutions, aligning various IT services and systems for enhanced operational efficiency.

MillenniumIT has played a significant role in Sri Lanka's technology landscape, particularly after being acquired by the London Stock Exchange Group (LSEG) in 2009. While the systems integration division has shown strong performance, it is no longer considered core to LSEG’s strategic objectives, prompting the decision to divest.

Industry Overview in Sri Lanka

The systems integration industry in Sri Lanka is evolving rapidly, driven by the increasing demand for advanced IT solutions and automation. With a growing number of businesses seeking to modernize their operations, int