Mar.10 (Dow Jones)–Sri Lanka’s Softlogic Holdings Ltd. said Friday it has bought the consumer electronics and automobiles units of diversified Uniwalkers Ltd. as part of an expansion plan. “This is a part of our strategy to diversify, expand our operations and increase annual turnover levels,” said Ashok Pathirage, the company’s chairman. He declined to disclose the value of the deal.
Softlogic’s core business is computers, software development and communications. Among others, the company is the local dealer of companies like Dell, Nokia and Sun Microsystems.
Uniwalkers is the local agent for Japan’s Matsushita Industries and Daihatsu.
Softlogic plans to increase annual revenue to around $400 million and list on the Colombo bourse over the next two years, said Pathirage.
The company owns and manages 13 subsidiaries and its current revenue is around $70 million. Its subsidiaries are based in Australia, Pakistan and Singapore and mainly offer software development solutions to customers in those countries.
Softlogic recently ventured into property development through a $25 million luxury apartment and commercial complex project in Colombo.