Systems Limited plans to invest Rs. 150 million in Jomo Technologies (Pvt) Limited, an e-commerce company that sells global fashion and sportswear brands on its platform.
The company will make the investment through its subsidiary Systems Venture Pvt. Ltd. which aims to enhance its presence in Pakistan’s digital retail landscape and the region, according to the notification issued to the Pakistan Stock Exchange (PSX).
The strategic investment will give Systems Limited a gateway to new markets, products, and services, and potential synergies in technologies, and access to the digital mapping of the retail universe.
Founded in 2020, Jomo is an innovative and pioneering player in the digital retail landscape and has grown at a remarkable rate since it entered the e-commerce market. Its success is largely credited to its disruptive strategy of being the only company to provide ‘try before you buy’ and ‘100% free delivery within Pakistan’ services. Jomo’s global expansion mission is rooted in true Pakistani ethos, and has a purpose-driven value system that is intended to resonate and establish its footprint with shoppers in Pakistan and around the globe.
The acquisition will open broader avenues and create greater benefits from the ongoing revolution in the retail universe of the country and the potential it offers.
Systems Ventures (Private) Limited is a wholly subsidiary of Systems Limited and its Board of Directors foresees this investment as an opportunity to become part of an exciting revolution that is taking over the digital supply chain of the retail marketplace in Pakistan.
Systems Limited is one of Pakistan’s progressive IT companies that is expanding businesses in domestic and foreign markets working on various projects while growing itself through strategic partnerships and investments in potential markets. It was recently set up as a wholly-owned subsidiary in the Kingdom of Saudi Arabia recently and acquired 20 in Retailistan, a leading technology company that is focused on the digitalization of the retail supply chain in Pakistan.
It also made a profit of Rs. 2.522 billion in the three quarters of 2021, with a year-on-year growth of 56 percent in profitability.
