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hSenid to be first Enterprise Software Company to IPO on CSE

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Seated (L to R): Darshan Perera - CEO, NDB Investment Bank Zakir Mohamedally - Group COO and Head of Investment Banking, CT CLSA Holdings Dinesh Saparamadu - Chairman, hSenid Business Solutions Ltd. Sampath Jayasundara - CEO and Executive Director, hSenid Business Solutions Ltd. Nilendra Weerasinghe - Chief Corporate Advisory Officer, NDB Investment Bank.

Sri Lankan global HR software solutions provider, hSenid Business Solutions, successfully concluded its investor forum, ahead of its IPO, which is due to open on the 3rd of December 2021. The event showcased the great strides made by hSenidBiz having penetrated the global market for Human Capital Management (HCM) software while presenting the investment case to potential investors. The event attracted participation from a wide array of local and foreign investors representing both individual and institutional segments. The Q&A session that followed witnessed active engagement where participants clarified their questions directly with key decision makers and stakeholders at hSenidBiz.

Discussing the outcome of the investor forum, Dinesh Saparamadu – Director/Chairman at hSenid Business Solutions said, “The outcome of our investor forum is overwhelmingly positive. It was a pleasure to be able to directly interact with prospective investors and industry specialists. We were able to answer all their questions and address their concerns. Coming away from the event, we are confident of receiving broad-based interest in our IPO and look forward to the opening day. We thank all those who attended the event, and pledge to continue delivering exceptional value to all stakeholders as we seek to play an even bigger role in Sri Lanka’s growth story.”

Under the guidance of NDB Investment Bank, Lead Managers to the Issue, and CT CLSA Capital, Co-Managers to the Issue, hSenid Business Solutions Limited will offer 55,339,076 ordinary non-voting shares to the public at a price of LKR 12.50 per share, seeking to raise a total of approximately LKR 692 Million in equity capital. These funds are to be channelled toward product development and market development, along with strategic acquisitions in the APAC and East Africa regions. Over the past 5 years, hSenidBiz has demonstrated robust growth in PAT, combined with healthy margins and exceptional performance across all fundamental indicators.

Commenting on the company’s journey thus far, Saparamadu added, “We started hSenidBiz with just three people out of a small room at Ward Place. From day one, I was determined to build HR solutions for global markets. Today, as an indigenous multinational, we are committed to doing our part in developing the local tech industry. I wish to ensure that while our company grows, we also divert resources to upskill local tech professionals and help start-ups get off the ground. As a key player in Sri Lanka’s IT/BPM sector, we are proud to be able to support the nation’s growth trajectory through our net positive forex flows, while also helping to increase awareness about and access to foreign markets for Sri Lankan IT/BPM companies.”

Adding to this, Sampath Jayasundara, CEO/Director of hSenid Business Solutions, mentioned, “Heading in for the IPO is an exciting milestone for all stakeholders of hSenidBiz. This has not been a journey of just a few individuals but an entire network of dedicated employees, partners, customers, advisors and our shareholders. We were fortunate to have worked with big local and global corporations as it gave us unique insights into HR practices and helped us develop innovative solutions that can be scaled globally. From the team point of view, it has been a great strength to have the right people from consulting to engineering, to build a global solution. This has definitely been a stepping-stone to benchmark our products with leading international brands and added new features based on unique customer requirements and considering different industries and geographical contexts.”

Our global expansion across 40+ countries would have been mere to impossible without our global partner network. While, we thank all who have stood with us in this journey, we eagerly look forward to the new opportunities this IPO holds for the future of hSenidBiz. We strongly believe that we have a tremendous opportunity to build a global HR solutions brand that can tweak world-class solutions for different contexts and needs, and we believe we can take the lead in APAC and African regions.”

Founded in 1997, hSenidBiz is today a global Sri Lankan software solutions company, specializing in state-of-the-art HR solutions. hSenidBiz software is used by 1,000,000 users across 1,300 local and global giants among 20 diversified industries in over 40 countries and multiple business sectors, with a strong presence in Asia Pacific and Africa. hSenidBiz presently employs over 250 people and has contributed towards over 4,000 individual tech journeys during its 25-year history. hSenidBiz alumni have gone on to achieve great things and build successful careers in tech across Sri Lanka, Australia and the UK. Founded in 1997, hSenidBiz



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Stealer malware leaked over 2 million bank cards

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The number of infections with data-stealing malware, 2020-2024 (Source: Kaspersky Digital Footprint Intelligence)

Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.

Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.

Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.

On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.

“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.

In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.

The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.

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ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

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Commercial Bank Chief Operating Officer S. Prabagar and members of the senior management accepting one of the ACCA awards.

The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).

The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.

The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.

Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.

The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.

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UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

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(From left to right) Deepthi Hewageegana (CEO - UTE), Mani Rajan (Director Distribution - India), Joe Moscato (Vice President - Distribution - Japan & Asia South (India & SE Asia) Caterpillar Inc), Raja Nanayakkara (Chairman / MD - NEM Construction), Prasan Fernando (Chairman - UTE), Priath Fernando - (Director - UTE), Duminda Perera (Senior General Manager - Operations)

Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.

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