99x Group CEO terms SL talent ‘shining star’ of global operations as firm drives AI innovation

The Colombo-based engineering team of the Norway-headquartered 99x Group has been termed the ‘shining star’ of its global operations, with Group CEO Odd Sverre Ostlie revealing that nearly 90 percent of the firm's Artificial Intelligence (AI) innovation is now driven from Sri Lanka.

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Speaking at a media briefing held in Colombo recently Ostlie outlined the rapid evolution of the company following a strategic pivot in its ownership structure.

Previously a Sri Lankan-led export firm, 99x transformed into a global group following a capital restructuring in 2021, secured through a US$ 20 million investment from the Scandinavian private equity firm Herkules Deal-by-Deal. This investment facilitated the establishment of a European headquarters in Norway and fueled an aggressive acquisition strategy, expanding the group's footprint beyond Sri Lanka and Norway to include Portugal, Brazil, Malaysia,and Poland.