February 04, 2022 (MLN): Systems Limited (SYS) has informed through a notice to exchange that its wholly-owned subsidiary Systems Ventures (Private) Limited will make a strategic investment of Rs150 million in Jomo Technologies (Private) Ltd.
SYS has agreed to invest in Jomo Technologies (Private) Limited, a progressive eCommerce company, selling global and local fashion/sportswear brands through its platform.
This investment is aimed at enhancing the company’s presence in the digital retail landscape of Pakistan and the region. It will also provide access to new markets, products and services, potential synergies in technologies and access to 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 entering the eCommerce market, largely credited to its disruptive strategy by being the only company to provide 'try before you buy” and 100% free delivery within Pakistan.
As per the notice, SYS believes that this acquisition will open broader avenues and create greater benefit from the revolution taking place in the retail universe of the country and the potential it offers.
The subsidiary, Systems Ventures (Private) Limited as well the Board of Directors of the company foresee this investment as an opportunity to become part of an exciting revolution hitting the digital supply chain of the retail marketplace in Pakistan.
