MAS Holdings sells software firm attune to US-based Rizing

Wednesday, 5 May 2021 01:37 - - {{hitsCtrl.values.hits}}

MAS Holdings announced yesterday it sold the software subsidiary attune Lanka Ltd. to Rizing, a privately-held, US-based boutique firm for an undisclosed amount.

MAS said the sale was in line with its long-term strategic objectives.

Rizing specialises in providing SAP solutions for Consumer Industries, Enterprise Asset Management and Human Capital Management worldwide.

“This is a significant investment in a Sri Lankan-owned global technology firm by a company that is backed by a large private equity fund from the US, which will undoubtedly help attune to scale and strengthen its business in the years to come,” MAS said.

attune Lanka has subsidiaries in India, Australia, China, HK, Italy, Germany, UK, US and Netherlands, with over 500 employees worldwide.

In 2018, MAS Holdings completed an assignment with a leading global consultant to develop a long-term strategic plan, which identified areas of growth based on its core competencies and in the adjacent areas of Femtech and Wearable technology. The divestment of attune was an outcome of this plan, with the intent of finding the right partner for the Company to enable it to scale and grow.

“The acquisition by Rizing ensured that attune would benefit from Rizing’s global scale and expertise, and that their customers and employees continue to thrive as part of a leading solutions provider in the fashion and consumer industries,” MAS Holdings Mahesh Amalean said. He added that MAS would continue its close partnership with Rizing and attune in terms of the ongoing implementation and support for SAP products and services across MAS SBU’s in Sri Lanka and overseas.

Rizing CEO Mike Maiolo said: “Customers from both organisations benefit from this partnership. Now two of the top SAP partners in Consumer Industries and Fashion are a united force to deliver unmatched value through combined experience, expertise and scale.”

A leading provider of systems solutions and implementation services for SAP and with offices in North America, Europe, Asia and Australia, Rizing is headquartered in Stamford, Connecticut, and has been on an aggressive mergers and acquisitions plan since 2018, acquiring several US-based and global firms.

“This merging of Rizing’s and attune’s industry knowledge and experience will provide our long-term valuable clients with access to exciting new technologies and talented resources,” attune CEO Vajira de Silva said. “The strength of the combined companies will allow us to grow into new markets and augment our products and services to better address the needs of existing and new clients,” he added.

Standard Chartered Bank’s global M&A advisory team acted as the sole advisor to MAS Holdings on this transaction.