Frontier Capital Partners to divest 75% stake of GMNet to Sierra IT

Monday, 20 January 2014 00:00 -     - {{hitsCtrl.values.hits}}

Frontier Capital Partners Ltd., the well-known boutique investment house which specialises in mergers and acquisitions (M&A) and other investment solutions in Sri Lanka, signed a Memorandum of Understanding with Sierra Information Technologies Ltd. (Sierra IT) to divest 75% stake of Global Media Networks Ltd. (GMNet). GMNet is a company specialised in media, research, interactive platforms and training. Among its vast variety of media and software assets, GMNet currently owns Sri Lanka’s premier stock market Simulation Game ‘VstoX’, Interactive discussion platform, ‘Sri Lanka Equity Forum’, ‘Sri Lanka Equity Research’ the online database and Business news portal ‘Lanka Business Today’ (LBT). GMNet in August 2012 launched the Sri Lanka’s only online stock market simulation game that make use of real life trading information of Colombo Stock Exchange (CSE) and other macro economic factors to provide a comprehensive real life training platform for students, investors and fund managers. VstoX currently boast over 2,500 registered investors. GMNet also owns Sri Lanka’s No 1 discussion forum, Sri Lanka Equity Forum with over 10,000 registered members and over 200,000 stock market related articles and posts that has over 12 million hits to date. The ‘Sri Lanka Equity Research’ is the online database owned by GMNet that consist of over 1,000 Research Papers and Reports relating to key sectors and listed companies that can be downloaded free from one location which help investors and students to research into listed companies before taking investment decision. Lanka Business Today (LBT) is a registered financial news website owned by GMNet with its own free classified section, Youtube Channel and Streaming TV facility LBTv. SierraIT is a Sri Lankan owned global solutions provider offering comprehensive and a wide range of IT solutions. The company is fully owned by Sierra Construction Ltd., a pioneer and one of the largest construction companies in the country offering turnkey solutions. The company was founded in 2001, to serve a myriad of IT demands required to meet the extensive expansion and operations of the Sierra Group, whilst objectively pursuing the challenges of offering comprehensive Information and Communication Technology internally within the group as well to its clients and partners. SierraIT backed by the strength, resources and the market positioning of the parent company, has specialised itself in building rewarding partnerships by providing state of the art customised enterprise class applications backed by its well experienced and competent team.