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 Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
