Pagero acquires its Sri Lankan-based R&D operations
This announcement and the information contained is not considered to have significant impact on Pagero Group’s performance
In an agreement signed with Creative Technologies, Pagero will acquire the entirety of its previously outsourced Sri Lankan-based R&D operations.
Creative Technologies (PVT) has been administering Pagero’s R&D centre with 35 employees in Colombo, Sri Lanka since 2006. Seeing both financial and operational benefits in a potential merger, the two companies have reached an agreement in which Pagero will acquire 100% of its operations outsourced in Sri Lanka. Creative Technologies will assist with local administrative operations for the next four years.
The acquisition will create financial possibilities to expand Pagero’s Sri Lankan R&D operations without increasing total costs.
“R&D is the backbone of our business, and we want that most of our talented people are employed by Pagero. We are very happy with the work coming from our Sri Lankan centre, and it is now time to truly include them in Pagero’s global R&D team. We also anticipate expanding our local operations with new recruits in a country with a lot of talent”, says Bengt Nilsson, CEO of Pagero.
“Our teams in Sri Lanka are important for taking us closer to our product vision and building the largest open business network in the world”, says Gustav Dahllöf, Chief Product Owner at Pagero
“We are in a technology race where skills and innovation are important for our future and with this acquisition, we are now better positioned to accelerate and expand with highly skilled people”, says Bård Langöy, Chief Technology Officer at Pagero.
Throughout 2022, Pagero will invest over 250,000 hours into product development with R&D centres in Sweden, Germany, Sri Lanka, Chile and Mexico.
For more information
Bengt Nilsson, CEO
Bengt.nilsson@pagero.com
Jan-Olof Ohlsson, CFO
Jan-olof.ohlsson@pagero.com
About Pagero
Pagero provides a Smart Business Network that connects buyers and sellers for automated, compliant, and secure exchange of orders, invoices, payment instructions and other business documents. With an open network and a wide range of value-added apps, Pagero helps businesses streamline their order-to-cash and purchase-to-pay processes while unlocking the full potential of accurate and reliable business data. All of this, regardless of location, industry, size or systems. Find out more on pagero.com