Saturday Aug 16, 2025
Saturday Aug 16, 2025
Tuesday, 12 August 2025 10:15 - - {{hitsCtrl.values.hits}}
HNB Investment Bank functioned as the Financial Advisor and Lead Arranger to the $40M Surge Global-Calcey Technologies Merger, a landmark transaction that brings together two of Sri Lanka’s leading tech firms to form a globally ambitious digital platform.
The newly formed entity, Short Circuit, is a next-generation tech platform built from Sri Lanka with global delivery, strong governance, and long-term ambition. With over 500 professionals across five countries, it brings together deep product capability, disciplined execution, and investor-backed capital under one unified model.
The deal, backed by Hatton National Bank (HNB) and HNB Investment Bank (HNBIB), includes $4.5 million in debt financing and $1.5 million in equity from strategic global investors. It marks
one of the most significant tech mergers in Sri Lanka to date, both in scale and structure.
“This deal represents the kind of structured innovation Sri Lanka needs more of,” said Damith Pallewatte, Chairman of HNB Investment Bank, “Short Circuit is a bold, tech-first business built
on real governance and scale potential. As a bank, we’re proud to have backed this step forward for the country’s digital economy.”
Ray Abeywardena - Group CEO and Managing Director of HNB Investment Bank, emphasized
the strategic nature of the transaction:
“This is exactly the kind of opportunity HNBIB is built to facilitate — where clarity of vision, financial discipline, and investor alignment come together to deliver global potential. Short Circuit is not just a merger; it’s a model for building tech businesses that scale with purpose.”
Bhanuka Harischandra, Group Managing Director of Short Circuit, credited HNBIB’s leadership
in bringing the deal to life:
“From structuring to execution, HNB Investment Bank played a monumental role.Their ability to bridge strategic thinking with precise financial planning helped bring Short Circuit into existence as a credible, growth-ready entity.”
This deal marks a strategic leap for Sri Lanka’s tech ecosystem, reflecting growing investor appetite for growth-stage consolidation, cross-border structuring, and scalable digital platforms with regional and global relevance.
Running the financial advisory assignment on a transaction of this scale was both dynamic and deeply fulfilling,” stated Shivanthi Sugathadasa, Senior Assistant Vice President of the Corporate Finance Division at HNB Investment Bank.
“There were many moving parts and collaborative contributions across teams, and it was incredibly rewarding to see all of it come together to bring this ambitious vision to life.”
Baker McKenzie acted as legal counsel to HNB on the transaction, alongside regional advisors
supporting cross-border structuring.
With this milestone deal, HNB Investment Bank reinforces its role as a catalyst for high-impact
transactions, enabling the rise of Sri Lankan companies with regional strength and global vision
