Business
hSenidBiz exceeds $3 million Exit ARR in 3Q FY24
hSenid Business Solutions (hBS) released its financial results for the quarter ending on December 31, 2023, reporting a 23 percent year-over-year increase in revenues. The PeoplesHR Cloud business, constituting 76% recurring revenue, remains the primary driver having recorded a 40% growth year-on-year. The Company achieved a critical milestone in its growth journey by surpassing $3 Million in Exit ARR (Annualized Recurring Revenue). With continuous investments made in revamping and building a global sales workforce, the APAC market is now yielding the majority of new deal closures for the concluded quarter. The company’s core recurring revenue, an essential component for a SaaS business, has reported further year-over-year growth of 34 percent. While the higher operating cost base resulting from the investments made in talent and market development continue to impact the company’s bottom line, the core business margins continue to demonstrate steady improvements across the 3 concluded quarters of the financial year 2024.
Commenting on the recurring revenue growth of the company, Founder and Chairman Dinesh Saparamadu noted: “Surpassing the $3 Million Exit ARR mark demonstrates that the investments we have made with the IPO funds are beginning to yield its results. Building a strong recurring revenue base is the key to have non-linear growth in revenue typically observed in software businesses.”
During the quarter, the company further utilised LKR 34.0 million of its IPO funds in product development. Consequently, the company has now fully utilized the IPO funds allocated for product and market development. Currently, the company is assessing multiple options for the utilization of the remaining IPO funds allocated for pursuing inorganic growth opportunities.
Commenting on the results of the quarter, CEO Sampath Jayasundara stated, “We have navigated through a period of investments in the middle of a challenging operating environment, and we are pleased to see the improvements in our operating margins. Both our core business EBIT and EBITDA margins have improved steadily over the last three concluded quarters. We expect this positive trend to continue with the growth in revenues and successful completion of cost optimisation initiatives.”
During the quarter, hSenid Business Solutions achieved noteworthy recognition, securing the Gold Award at the 31st Annual Export Awards 2023 for the fourth consecutive year. The company was also recognized as the Sri Lanka and Maldives Microsoft ISV (Independent Software Vendor) Partner of the Year 2023. Furthermore, G2, a leading software review portal in the APAC region, acknowledged the company’s core brand PeoplesHR as a ‘High Performer’ in both Asia and APAC in the Core HR category in the G2 Winter 2024 Reports. These ratings directly reflect the strong presence of the PeoplesHR brand in the region.
PeoplesHR is a leading human capital management software solution focusing on digitalising the entire employee journey within an organisation from hiring to retirement. hSenidBiz, which owns PeoplesHR, has deployed its software to help digitise over 1,600 HR departments across 40 countries in Middle East and Africa, South Asia and Southeast Asia.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Eventistry Sports, a trailblazer in innovative sporting events, has unveiled the Sri Lanka Padel League (SLPL), the nation’s first franchise-based padel tournament, set to debut in June 2025. This groundbreaking league promises to redefine Sri Lanka’s sports landscape by creating a dynamic national platform for athletes while fostering unity among fans, brands, and communities.
The SLPL will showcase six franchise teams, each embodying the spirit of iconic Sri Lankan locales: the Colombo Chargers, Yala Rangers, Hikkaduwa Riders, Ella Hawks, Arugambay Vipers, and Trinco Warriors. These teams will not only ignite regional pride but also unite the country through a shared passion for padel—a fast-paced racquet sport merging tennis and squash, played on enclosed courts.
“The SLPL is more than a league; it’s a movement,” declared Karin Wijeratne, Director of Eventistry Sports. “By blending franchise sports with Sri Lanka’s vibrant culture, we’re creating a platform where players gain national recognition, fans rally behind their hometown heroes, and brands engage with communities in meaningful ways.”
The league’s launch on June 21–23, 2025, at Colombo’s Padel House courts (CR&FC) will kick off with three days of high-octane matches, preceded by a star-studded player auction on May 16th at The Vault, Colombo City Centre. Local talent—both professional and intermediate—will be drafted by franchise owners, with international registrations now open to elevate the competition’s global appeal.
Please log in to: www.slpadelleague.com and social media: @SriLankaPadelLeague (Facebook & Instagram) for more information.
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