STAX Archives

November 11, 2022

Stax LLC, a global strategy consulting firm specializing in commercial due diligence, value creation, and exit planning for private equity firms, PE-backed companies, hedge funds, and investment banks, announced today its expansion to London with the acquisition of AMR International. AMR is a leading European strategy consulting firm focused on guiding strategy and creating value for private equity firms, hedge funds, and global corporations through commercial due diligence, value creation, and exit planning engagements. Denzil Rankine, founder and Executive Chairman of AMR International and Florent Jarry, Partner, will assume the roles of Stax Managing Directors in Europe.

“In the midst of global disruption, private equity continues to expand in the U.K. and Europe, and this move represents part of our planful growth strategy to better serve London and EMEA,” said Jayson Traxler, President, Stax. “In addition, our equity sponsor Blue Point Capital Partners has been highly supportive of Stax’s product, market, and client vision and this marks another step towards market expansion which will offer exciting opportunities for all of Stax and our new colleagues.”

“We at AMR are delighted to become part of Stax. We look forward to expanding relationships that our team has built over the last 30 years and serving our clients even more fully by benefiting from Stax’s value-added, resource-driven infrastructure,” said Denzil Rankine. “We are proud of what we have built at AMR and delighted to find a very strong cultural fit with the Stax team. In this next chapter, with Florent and myself becoming shareholders in Stax, our team will enjoy increased access to global resources, diversified products, industries, and client engagements, along with enhanced career opportunities.”

“We are excited to announce this expansion which extends our services and offerings in London and Europe more broadly—one of our fastest growing geographies,” said Paul Edwards, Senior Managing Director, Stax. “Like our own private equity clients who have recently established and expanded European operations, this will allow us to better support and grow our European client base as demand continues to accelerate within Europe.”

July 11, 2022

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Monday 11th July, 2022, Colombo, Sri Lanka: – Stax, the global management consultancy with a strong presence in Sri Lanka announced the launch of ‘Stax Academy’, the firm’s learning platform for up-skilling future business leaders to take-on the challenges of the global economy.

Given Sri Lanka’s present economic climate, students and professionals are facing challenges to secure placements in foreign universities and bridge the gap between their skills and their career aspirations. Concerns related to prohibitive costs and foreign payments are limiting the opportunities available to young professionals and students, with foreign universities deferring local students till Sri Lanka reaches economic stability.

‘Stax Academy’ places its focus on recent graduates from local and foreign educational institutions as well as foreign university hopefuls awaiting entrance to their courses. The program is launched with the vision of designing an on-demand, contemporary learning platform dedicated to upskilling and preparing them for their dream jobs.

The specialized certification program will commence in July in partnership with Royal Institute of Colombo, Edith Cowan University – Sri Lanka Campus, and National School of Business Management (NSBM). The initial batch of 30+ students will consist of latest graduates from the partner institutions undertaking the 16-week certification program.

“The current economic challenges faced by Sri Lanka are causing the youth to lose hope. Many of them are leaving the country to seek opportunities overseas. The resulting brain-drain will have a significant and enduring negative impact on the local economy for many decades to come. As corporates, we have a responsibility to prevent and mitigate this risk by creating opportunities for the youth. This is our aspiration, as we set up the Stax Academy. We hope this initiative will offer Sri Lankan youth, similar opportunities to what they are pursuing overseas. The young professionals we engage through this Academy will be skilled and career-ready to take on the challenges of the future and stay relevant against the global workforce,” commented Dr. Kumudu Gunasekera, Managing Director, Stax.

The Certification program will offer a combination of micro-learnings across specific functional and professional skill pillars needed to succeed both within Stax and the domain of Management Consulting as well as in general industries. Much of the focus of the program will be on the most relevant skills needed by the world. It will be delivered as practical learning experiences which expose candidates to different types of work streams and projects to discover their strengths and aspirations. The program is centered on the principles of Ikigai with the objective of enabling candidates to explore work streams which are value-focused, fulfilling, and purposeful.

The launch of “Stax Academy” follows the strategic investment received by Stax from Blue Point Capital Partners in November, which has enabled the rapid growth in headcount and acceleration of geographic expansion for the data-driven management consultancy. The growth is accompanied by the availability of broader learning opportunities for talent and enhancement of its core offerings around data analytics, commercial due diligence, and specialty consulting services.

December 21, 2021

The Colombo Tea Traders’ Association (CTTA) recently recognized Stax for its contribution towards the automation of the Colombo tea auction at the e-auction platform felicitation ceremony. The event was graced by Hon. Dr. Ramesh Pathirana, Minister of Plantation, Hon. Kanaka Herath State Minister of Company Estate Reforms, Tea and Rubber Estates Related Crops Cultivation and Factories Modernization and Tea and Rubber Export Promotion, Tea Board Chairman Jayampathy Molligoda, CTTA Chairman Mr. Jayantha Karunaratne and other prominent figures representing the buyers, brokers and producers of Sri Lanka’s tea industry.

In March 2020, Covid-19 restrictions forced the industry to abandon the physical tea auction and move quickly to an online system This move provided the impetus to acquire a more sophisticated, future-ready platform that would provide better functionality and pave the way for the digitization of the value chain.

With so many different stakeholders being part of the value chain and raising valid concerns about a change of this magnitude, the CTTA had to ensure that all viewpoints were taken into consideration. Stax was hired to

understand key requirements across the industry and to facilitate the selection of a suitable vendor who could provide a solution that not only catered to current needs but would also be agile enough to adapt quickly to future trends.

After a rigorous vetting and implementation process managed by Stax, the CTTA officially launched its advanced digital platform in September 2021. Commenting on the project, Stax Managing Director Dr. Kumudu Gunasekera said, “Stax is proud to have supported the CTTA on this project of national significance since June 2020. In order for Sri Lankan industries to be competitive globally, digitization is a must. The consultative and solution-led approach we took to automate all processes connected to the auction system―from the time the produce leaves the factory to payment settlement―will benefit the entire industry in the years to come.”

Colombo tea auction is the largest single origin tea auction in the world where approximately six million kilos of tea, more than 95% of the tea produced in the country, are sold each week The challenges brought on by the pandemic have been unprecedented however, even within its long history, and tea industry leaders had to act quickly to move vital processes online and to assess how best to prepare for the future.

CTTA Chairman Mr. Jayantha Karunaratne elaborated, “Stax worked closely with CTTA’s Automation Committee to ensure that a future-proof solution―which represents the best value for producers, buyers and brokers alike―would be selected and implemented, laying a strong foundation for industry’s vision of digitizing the value chain. The knowledge, professionalism and integrity demonstrated by Stax was crucial to the successful implementation of the e-auction system.”

Despite the challenges of Covid-19 pandemic, over several months in 2020, Stax and the CTTA Automation Steering Committee had collaborated to conduct a transparent and diligent process, shortlisting four vendors―out of the ~70 initial applicants―to provide proof of concept. Following further evaluations and negotiations, Stax worked with the selected vendor to design and develop a cutting-edge platform linking pre-auction, auction, and post-auction processes. CTTA’s Automation Committee Chairman Mr. Huzefa Akbarally commented, “The value brought by Stax through their business & technology capabilities and ability to understand and manage multiple needs of industry stakeholders was invaluable for the project.”

November 24, 2021

Stax is pleased to announce a strategic investment by Blue Point Capital Partners, which will accelerate geographic expansion, growth and learning opportunities for talent, and enhancements to its core offerings around data/analytics, commercial due diligence, and specialty consulting services.

“Stax is a true leader in its space and has a highly skilled, tenured management team,” said Blue Point Principal Jeff Robich. “We are enthusiastic about working alongside them to accelerate and enhance value on a global scale, particularly by leveraging Data & Digital, Human Capital and M&A Execution capabilities.”

As a fast-growing, data-driven management consulting firm, Stax helps clients make strategic decisions, implementing data and analytics systems to help improve organizations, and providing opportunities for talent that are unmatched in the consulting sector. Founded over 25 years ago in Boston, the firm currently also has offices in Chicago, New York, and Colombo.

“This investment puts Sri Lanka on the map with global investors and will create more high-end job opportunities in the knowledge services sector. We are constantly looking to raise the bar in terms of actionable insights for our clients, and that can only be enabled by consistent investments into building a top-notch talent pool,” commented Stax Managing Director Dr. Kumudu Gunasekera.

Stax’s focus on continuous improvement and dynamic talent has created a core client base of global private equity (PE) firms, which manage several trillions of dollars in assets across multiple industries and geographies, as well as leading global and local industry-leading corporates, diversified conglomerates, government organizations, and non-profits.

“Our team’s ingenuity in bringing together strategy, data, and technology to develop machine learning platforms has enabled us to provide our clients with nuanced insights at speed. One such proprietary platform is AnalyticsEdge―which help PEs with efficient and effective allocation of capital,” noted Stax Managing Director Ruwindhu Pieris. “Many of our engagements concern emerging next-gen technologies and business model innovations in fin-tech, health-tech, ed-tech and so on. We are usually tackling a breadth of industries at any given time, and our analytics enable in-depth insights”.

With this analytics-driven approach to advisory services, Stax has cultivated a deep bench of expertise in fields such as business services, industrial manufacturing, and consumer retail. Stax consultants operate within an influential global space that exposes them to the latest global consumer trends, technologies, and investor agendas, providing significant growth opportunities for its workforce.

Stax has doubled its headcount in the last three years and is looking to triple this over the next three years as part of its exponential growth journey―creating more job opportunities to retain Sri Lankan talent and attract the world’s best here.

This investment coming into Stax will help reinforce Sri Lanka’s positioning as the ‘Island of Ingenuity’ and assist in the journey toward a knowledge-based economy, which in turn, will contribute to increasing Sri Lanka’s export revenue.

November 12, 2021

Leading global management consulting firm Stax recently conducted a webinar on ‘Management Consulting in the 21st Century’, providing a comprehensive overview of trends in the profession and its future growth potential. The webinar drew over 200 participants as the excellent lineup of panelists shed light on the evolution of the consulting field and also spoke to the need for adopting international best practices. The session was insightful for both newcomers to the field as well as experienced professionals, with opportunities for growth and innovation in the field being discussed.

“The infusion of new blood into the profession is an essential process”, stated Stax Managing Director Dr. Kumudu Gunasekera, kicking off the webinar. “As one of the foremost organizations in the field of Management Consulting, we see it as our responsibility to raise the standard of the entire industry. This webinar is aimed at experienced professionals and new entrants alike, aiming to give them knowledge to steer their careers, transform themselves and make a mark, especially at one of the most dramatic times in human history.”

The panel for the event included Prabodha Shawn Silva, a mechanical engineer turned management consultant, counting 16+ years’ experience. He provided a snapshot of the evolution of management consulting while also outlining its importance in the business world. For those looking to enter the field, he specifically highlighted how one can leverage their varied backgrounds and skills for a successful career in consulting.

Thivanka Bandara, a young leader at Stax with 9+ years of experience, enlightened the audience on multiple growth opportunities at Stax. He highlighted how the organization has structured its key practices, allowing individuals to carve their own career journey, from a very early stage, based on individual competencies. Stax Alumni Firaz Markar, a veteran consultant with over 14 years in the field, elaborated on the positive professional and personal transformations witnessed throughout his career. The honing of many useful and transferrable skills such as being solution-oriented and applying structured thinking, were some core areas discussed by Firaz.

Rashmi Peiris Paranavitane, CFA with over 15 years of experience, stressed the importance of personal autonomy and having the tenacity to carve your own path, in order to be successful in this demanding field. She elaborated that while the ‘Working from Home’ trend necessitated by the pandemic has been challenging for many—especially for those simultaneously caring for young children at home—that there have also been unprecedented opportunities for individuals to redefine their own work-life balance, and that companies will be expected to continue making allowances for more flexible work environments.

As businesses emerge from the COVID-19 crisis new ideas, tools, work processes, and frameworks will be essential for navigating this ‘Great Reset.’. Stax Inc. is a global management consulting firm, headquartered in Boston and offices in Chicago, New York, and Colombo. With more than 25 years of experience, Stax advises the world’s largest public and private corporations, private equity firms and their portfolio companies across a broad range of industries covering 40+ international markets. With a growing client base in Sri Lanka, including diversified conglomerates, blue-chip industry leaders, large family businesses, government organizations, and NGOs, Stax inspires organizations to dream big, think outside the box, and complement gut-based decision-making with fact-based research. For more information, please visit www.stax.com.

January 29, 2021

29^th January 2021, Colombo: Stax Inc., a leading global management consulting firm, observes that delaying digitization during this pandemic era would present substantial drawbacks for Sri Lankan companies as they would lack the capacity to compete globally. By adopting digitization, Stax Inc. articulates that businesses would soon learn that customers are no longer confined to the geography of Sri Lanka and could thus improve their scope of clientele and operations.

Despite the COVID-19 pandemic, many prominent Sri Lankan companies are yet to enable systems and processes to empower digitalization in their operations. In order to do so, this paradigm shift would have to encompass internal and customer-facing processes, while instigating paperless concepts as a part of Sri Lanka’s operating culture. This way, businesses will be able to increase efficiency while boosting their performance, productivity and profits.

Observations by Stax Inc. also found that some organizations are wary to mandate remote working and digital processes due to the generation mix and bias at management level. To overcome this, education and effective training must become a key element with demonstratable results, as change also requires time. Digital signatures and documentation are still seldom used in Sri Lanka, whereas they are commonplace in developed markets such as the UK, by contributing to substantial savings in time, energy, emissions and efficiency.

Elaborating Stax’s learnings, Dr. Rasitha Wickramasinghe commented, “Many companies have inculcated a ‘we have to get into the office’ mindset. Stax has gone the other way and we are saying ‘we can work from home’. Our default mode is to work from home, and whenever we need, we will come into office. Even according to pre-covid studies in developed markets, it is proven that people express satisfaction when remote working. Performance and productivity have been higher than when physically commuting daily to work. We should see this as an opportunity to enable remote working as our default mode.”

He further stated, “Globally, 80% of the work force are working remotely. It’s ironic for Sri Lanka, where people spend anywhere between two to four hours commuting; that a huge loss of productivity along with the harm done to the environment.”

The management consulting firm has initiated an effective remote working system for its Sri Lankan operation delivering tangible savings and efficiencies across all aspects of the business. The Company has consulted, developed and delivered a number of remote working solutions to its clientele and is encouraging Sri Lankan businesses and offering advice to adopt remote working as part of an empowering work culture. However, it is noted that this would not be a valid concept for every industry and some models would entail only a percentage of its staff to work remotely. Only few solutions can be made to work 100% remote and organisations would need to look at hybrid models.

Remote working entails the creation of high-trust networks within organizations, and it will enable corporate Sri Lanka to ramp up efficiency and take on new global and local markets with motivated employees.

February 21, 2020

Combining talent, knowledge and teamwork, a group from Stax Inc. were recently titled Winners at Conquer Colombo 2020 – Colombo’s largest scavenger hunt – on the 9^th of February 2020. Comprising of members Ali Marikar-Bawa, Praveen Kanagasabai, Nicola De Mel, led by Team Captain Lorenzo Toumazos – the Stax team victoriously overcame various challenges and were rewarded return air tickets to Singapore presented by Sri Lankan Airlines.

With the aim to promote teamwork and creativity among its contestants, this year’s competition was based on the theme ‘Time Travel’ – where challenges were constructed to signify the past, present and future, while highlighting the culture of Colombo laced with the city’s historic incidents, food and pre-dominant sites.

By using a ‘work smart, not hard’ approach, the team from Stax split numerous tasks according to each member’s individual strengths in order to reach necessary objectives with maximum efficiency. Commenting on the win, team captain Lorenzo Toumazos stated, “This year’s event was far more challenging compared to last year. The clues were more cryptic and required a more analytical approach to deciphering them, however we were well prepared prior to the competition. At Stax, teamwork is crucial and tasks are delegated among diverse people with various talents. We simply used the same strategy and without a doubt, it proved to be outstanding.”

As a firm that harnesses potential individuals and facilitates an environment of diverse personalities, Stax generates a variety of unique insights on a wide range of topics, industries and social concerns; thus, producing a generation of competent thought leaders. By engaging and helping its clients in a unique manner, Stax is able to support local communities, discover tremendous opportunities to solve critical social issues and produce sustainable solutions for every challenge it faces.

About Stax

With more than 25 years of experience, Stax advises the world’s largest public and private corporations, private equity firms, their portfolio operations groups and portfolio companies across a broad range of industries covering 40+ international markets. With a growing client base in Sri Lanka, including diversified conglomerates, blue-chip industry leaders, large family businesses, government organizations, and NGOs, Stax inspires organizations to dream big, think outside the box, and complement gut-based decision-making with fact-based research. For more information, please visit www.stax.com.

January 11, 2018

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Colombo. Wednesday 10 January 2018. Piyumi Kapugeekiyana, Ph.D, the Head of Research at STAX, was recently a finalist and received a special mention for having the ‘Most Original Submission’ within the Professionals Category at the ‘Peter Drucker Challenge’ organised for the 9^th consecutive year by the Global Peter Drucker Forum.

The Institute is dedicated to its namesake, Peter Drucker (1909–2005), an Austrian-born American management consultant, educator, and author, who was frequently referred to as the ‘Father of Modern Management’, authoring 39 books and contributing to countless thought leadership pieces throughout his lifetime. Drucker offered his consulting and advisory services to several major multinationals, including GM, GE, and IBM, while also supporting non-profits, including the Red Cross and the Salvation Army.

The competition is aimed at keeping the management philosophy of Peter Drucker alive while introducing it to younger generations. This annual challenge is open to both students and professionals between the ages of 18-35. The guiding topic for 2017 – ‘Human Prosperity in a Changing World’ – attracted 422 submissions from 79 countries.

Through a rigorous three-stage review process, 15 finalists were recognised in each category. The top three winners in each category, as well as Dr. Kapugeekiyana who was the recipient of the ‘Most Original’ submission in the Professionals Category, were invited to attend the 9th Global Peter Drucker Forum (GPDF) held in Vienna, Austria.

Dr. Kapugeekiyana’s essay on the ‘Battlefield of the Mind’ explored the idea that prosperity is not just a financial notion but one that encompasses the freedom to think unencumbered.

The broader forum, titled “Growth & Inclusive Prosperity”, focused on combating management challenges for private and public sector organisations in the context of a fast-changing, complex and volatile global environment. The event brought together several leading management thinkers, thought leaders and academics from around the world to share their ideas around the topic.

November 25, 2017

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Colombo. Tuesday 21^st November 2017. STAX, Sri Lanka’s leading strategy consulting firm, recently moved into a new office within the heart of the Central Business District (CBD) in Colombo. Headquartered in Boston, STAX also has offices across Chicago, New York and Singapore, with Colombo serving as the base of its APAC operations. STAX, which had outgrown its previous premises, relocated its office to be closer to clients, while being able to comfortably accommodate its 70+ workforce and facilitate its future growth plans.

Situated at 278/4, Access Towers II – 15^th Floor, Union Place, Colombo 02, the plush new office is a spacious work space of 6,000 square feet. Built with the intention of providing an expansive domain that encourages innovative and collaborative thinking, the new space includes ample meeting rooms. The office also features specially designed booths equipped with state-of-the-art communication tools to support in-depth primary research across the globe.

Since commencing operations in 2005 with just 07 employees, STAX Colombo has worked on multiple engagements internationally while serving numerous Sri Lankan clients— including diversified conglomerates, blue-chip industry leaders, and large family businesses. STAX utilises a mixture of proven and innovative approaches to consulting, and has gained a reputation among the local business community for inspiring companies to reach audacious goals and to complement gut-based decisions with fact-based research. “The new location is in keeping with our ethos of dreaming big and offering the best services to our valuable clients from varied walks of life and industries,” said Avinash Hettiarachchi, a Senior Business Analyst at STAX.

The local operation is backed by the stability of its global company, which has been in business for over two decades. STAX works with 15 of the Top 20 Global Private Equity firms and 25+ Fortune 500 companies. Since its inception in Boston, it has gradually gained ground in other areas of the globe by delivering over 2,500 client engagements, across diverse industries, covering more than 40 international markets. STAX possesses extensive capabilities across research, consulting, consumer insights, data analytics, and data visualisation— enabling greater value creation for clients.

In an ever evolving world where change is the only constant and companies run the risk of stagnation, STAX plays a pivotal role in supporting clients to exploit new opportunities and guard against global threats – this has led STAX to expand rapidly and build a name as the dominant strategy consulting firm in the country.

Stax acquires boutique consulting firm in London to expand its global footprint

Stax Invests in the Next Generation of Business Leaders with Launch of ‘Stax Academy’

Stax recognized for helping automate Sri Lanka’s Tea Industry

Stax Announces Strategic Investment by Blue Point Capital Partners to Accelerate Growth

Stax hosts webinar to shed light on Management Consulting in the 21st Century

Stax says Sri Lanka slow to accept remote-working, advocates wider adoption

Stax employees emerge victorious at Conquer Colombo 2020

Head of Research at STAX recognised by Global Peter Drucker Forum

STAX relocates to Access II