MAS Holdings has sold its subsidiary attune Lanka (Pvt) Limited to Rizing, LLC in line with its long-term strategic objectives.
Rizing is a privately held, US-based boutique firm specialising in providing SAP solutions for Consumer Industries, Enterprise Asset Management and Human Capital Management worldwide.
“The acquisition by Rizing ensured that attune would benefit from Rizing’s global scale and expertise, and that their customers and employees continue to thrive as part of a leading solutions provider in the fashion and consumer industries,” said Chairman MAS Holdings, Mahesh Amalean, adding that MAS would continue its close partnership with Rizing and attune in terms of the ongoing implementation and support for SAP products and services across MAS SBU’s in Sri Lanka and overseas. CEO of Rizing, Mike Maiolo said, “Customers from both organizations benefit from this partnership. Now two of the top SAP partners in Consumer Industries and Fashion are a united force to deliver unmatched value through combined experience, expertise and scale”.
CEO of attune, Vajira de Silva said, “This merging of Rizing’s and attune’s industry knowledge and experience will provide our long-term valuable clients with access to exciting new technologies and talented resources. The strength of the combined companies will allow us to grow into new markets and augment our products and services to better address the needs of existing and new clients.”
Standard Chartered Bank’s global M&A advisory team acted as the sole advisor to MAS Holdings on this transaction.