Exactpro Systems secures Board of Investment status in Sri Lanka

Obtaining BOI status demonstrates firm’s commitment to regional growth

London/New York/Colombo, 3 March 2022 – Exactpro, a leading software testing services provider for financial market infrastructures, announces today that it has obtained the Board of Investment (BOI) status in Sri Lanka, having signed an agreement marking Exactpro’s commitment to long-term investing in the country.

This announcement follows the news of Exactpro’s expansion to Sri Lanka in July 2021 through the launch of a delivery centre in Colombo and the appointment of Jagath De Silva as the Exactpro Systems Sri Lanka CEO in October 2021.

The BOI status in the region enables Exactpro to continue strengthening support for global clients, including major exchanges and firms in the UK and US. Most importantly, the expansion will allow Exactpro to tap into Sri Lanka’s rich talent pool, enabling the firm to scale its support for existing and new global projects.

Exactpro will be working closely with higher education institutions based in Sri Lanka. The team has already met with the Informatics Institute of Technology (IIT), Sri Lanka Institute of Information Technology (SLIIT) and NSBM Green University during the last two weeks, with discussions underway to sign a Memorandum of Understanding (MOU) in order to build a strong partnership in the future. Meetings with many other universities in the country will also be scheduled in the near future as part of Exactpro’s endeavour to help local students learn more about a career in software testing and quality assurance in the financial technology sector. 

Alexey Zverev, co-CEO and co-founder of Exactpro, said: “We are delighted to continue our growth in Sri Lanka as part of our long-term business strategy to scale our capabilities in the Asia-Pacific region. We have a long-standing history of working successfully alongside leading technology specialists in Sri Lanka and expect the Exactpro delivery centre here in Colombo to be instrumental in driving the company’s efforts to further develop Exactpro’s next generation framework for automation in testing.”

Exactpro already has several projects and partnerships underway in the Sri Lankan market, including a local provider of wealth management software as a service (SaaS) and a provider of cloud-native blockchain enabled financial market infrastructure technology. Both engagements are a contribution to the already successful history of Exactpro’s collaboration with local specialists that started over a decade ago with MillenniumIT (now LSEG Technology Sri Lanka). 

Commenting on the news, Jagath De Silva, CEO, Exactpro Systems – Sri Lanka, said: “Obtaining BOI status was an important milestone that recognised our commitment to contributing to the growth of the high potential IT industry in Sri Lanka. We expect this recognition to generate benefits for both the Exactpro business and the Sri Lankan labour market.”

The firm is expected to hire 60-70 specialists locally this year and scale up to more than 100 team members in 2023. 

About Exactpro 

Exactpro is a leading independent provider of software testing services for mission-critical technology that underpins global financial markets. The firm is experienced with trading, clearing and settlement platforms, market surveillance systems, market data systems, collateral and risk management systems, and post trade infrastructures. Exactpro provides functional and non-functional testing services to exchanges, clearing houses, securities depositories, trade repositories, digital exchanges, central banks, brokers, and investment banks worldwide. Headquartered in the UK, Exactpro employs over 700 members of staff. Learn more at exactpro.com or follow us on LinkedIn and Twitter @exactpro.