Recent transactions involving technology investments in Sri Lanka
1. Performed comprehensive due diligence on the Sri Lankan subsidiary of a US NASDAQ listed entity (“Target”) leading up to a proposed acquisition of the shares of the Target by our client. The Target is a leading company providing IT consulting, systems implementation and application outsourcing services to large enterprises and software vendors.
2. Recently advised an established client in the banking sector regarding a FinTech joint venture for the development and operation of a mobile payment system and virtual prepaid cards. We advised the client on the structuring of the transaction, reviewing / drafting of transaction documents, the compliance of the mobile payment application and virtual prepaid card with the payment and settlement regime regulated by the Central Bank of Sri Lanka.
3. Retained to incorporate and setup the Sri Lanka subsidiary of an East Asian based rapidly scaling FinTech company, which operates a unique digital platform to provide access to a broad range of consumer financial products. Thereafter, Varners has continued to provide day to day legal services such as legal advice and legal opinions on regulatory requirements, corporate governance, compliance, tax, information security, employment and labour matters, corporate securities, small scale lending business, foreign exchange, and preparing / reviewing agreements, preparing notarial instruments such as powers of attorney and lease agreements.
4. Varners was retained to conduct a complete legal due diligence and advise on the acquisition of edotco Services Lanka (Private) Limited, the local subsidiary of edotco Group Sdn Bhd. The client is an integrated telecommunications infrastructure services company specialising in the tower services sector including co-locations, build-to-suit, energy, transmission, and operations and maintenance.
5. Inditex: Advised our client which is based in Spain in relation to their proposed online sales in Sri Lanka through a non-territorial international website under the name “Zara”. Our services included advice on laws and regulations relating to proposed sales in Sri Lanka through the said website, mandatory compliance requirements with respect to appearance of websites, and distance contracts etc.
6. Hatch Works (Pvt) Ltd: The client operates a first of its scale incubator/accelerator in Sri Lanka. In particular, Hatch provides shared workspaces and other services for technology start-ups, entrepreneurs, freelancers, small businesses and large enterprises. Varners was retained to advice and draft membership contracts for those seeking to obtain the services of Hatch. This is a relatively novel concept gaining traction particularly within the start-up community in Sri Lanka.
7. DPS Software Limited: Advised our UK based client in respect of IP protections an employer has in Sri Lanka with regard to the work created by its employees. Our services included review of Sri Lankan employment contracts to confirm whether there is any exposure to the employer from an IP perspective, the drafting of suitable standalone contracts, and revision of existing employment contracts;
8. Advised a multinational media network on offering its contents through specialised mobile applications, on the applicable laws, and on conducting competitions through such mobile applications;
9. Advised a multinational consumer credit reporting company in the business of providing data and analytical tools to clients around the world. Varners was retained to advise the client on the applicable laws and regulations pertaining to the offering of credit risk profiling services to licensed Mobile Network Operators;
10. Advised UK based Sagittarius Marketing (Kent) Ltd in relation to protections available to employers in respect of intellectual property created by their employees;
11. Advised the Computer Society of Sri Lanka on the awarding of IT qualifications to computer professionals in Sri Lanka;
12. Infor: Advised the client in respect of applicable data protection and privacy laws in Sri Lankan and handling of breach of personal information;
13. Synopsis: Advised the client in respect of software licencing arrangement etc.;
14. Wave Computing: The client is a VC-backed company that is revolutionizing artificial intelligence. We advised the client in respect of setting up an offshore development facility in Sri Lanka;
15. Varners was retained by a world renowned content delivery network (CDN) seeking to enter the Sri Lankan market in association with local telecommunications operators. We advised the client in respect of setting up business in Sri Lanka and the applicable regulatory framework governing the provision of the proposed services in Sri Lanka;
16. Varners were retained for a proposed acquisition of the Sri Lankan subsidiary of an IT infrastructure distribution services provider. As part of our services, we conducted a due diligence exercise on the Sri Lankan subsidiary of the Target;
17. Integrated Media Management LLC: Advised the client in respect of software licensing and distribution in Sri Lanka, taxation of software licensing in Sri Lanka, and drafted / reviewed related distribution agreements;
18. Varners was retained by the international company in the business of providing IT based translation and localisation services. As part of our services, we advised the client regarding the laws applicable in Sri Lanka for outsourcing services in respect of internet assessors for global search platforms;
19. We were engaged by the leading company in the transportation sector to advise and draft agreements for the development of software services and maintenance;
20. Varners was retained to advice on the planned acquisition of an international software development company engaged in the business of developing bespoke applications and solutions for international banks. As part of the services provided, we advised the client in respect of structuring the transaction, laws in respect of licensing / distributions of software products, etc.;
21. Advised a diversified group in Sri Lanka in respect of setting up a technology enabled credit financing solution in Sri Lanka and on the operation of prepaid card solutions;
22. DIC Corporation: advised the Japanese based client in respect of the data protections laws applicable in Sri Lanka and in relation to collection, processing, and sharing of personal data outside of Sri Lanka;
23. Bank of China: Varners was retained by the client to advice on IT and telecom related services. Further, advised and drafted agreements for the provision of software maintenance services;
24. Varners was retained by a licensed commercial bank in Sri Lanka to advised upon and draft agreements for bespoke software development agreement for the bank;
25. Advised a licensed commercial bank in Sri Lanka regarding indemnity provisions applicable to online web enabled applications and drafted suitable terms in respect of the same.
26. Advised a state owned Chinese entity on the legal protections available in respect of its intellectual properties where application source code is transferred to a local entity under a design develop and transfer programme.