Events

HNB Backs $40M Surge–Calcey Merger to Launch ‘Short Circuit’

In a landmark move for Sri Lanka’s digital economy, Surge Global and Calcey Technologies have joined forces in a $40 million transaction to form Short Circuit Pte Ltd – a regional tech powerhouse built to deliver transformation at scale, with deep operational discipline for growth-stage companies and enterprises alike.

The deal, backed by Hatton National Bank (HNB) and HNB Investment Bank, includes $4.5 million in debt financing and $1.5 million in equity from two global business leaders:

Sir Mahesh Patel OBE – is the founder of CPL Group, Papua New Guinea’s largest retail and healthcare network, with over three decades of leadership in regional commerce and community development.
Le Shi – is Managing Director at Auros Global, a leading algorithmic trading and digital asset investment firm, where he oversees global strategy and growth across emerging technologies.

The combined group of Short Circuit employs over 500 people across Sri Lanka, India, Qatar, Singapore, and remote global delivery hubs.

As part of this merger, Bhanuka Harischandra, Founder of Surge Global, has been appointed Group Managing Director of the newly formed entity. His leadership will steer Short Circuit through its next phase of growth – with a focus on long-term value creation.

“We’re not just another digital services firm,” said Bhanuka Harischandra, Group MD. “Short Circuit is built to operate like a performance-led platform – part execution, part investment engine. We’re here to take bold, calculated bets, build actual service quality, and create real IP. This isn’t about bloated scale, it’s about building something durable, disciplined, and valuable.”

Short Circuit unifies full-stack product engineering, UX design, performance marketing, and commercialization under one operating model. Already active in North America, Europe, the Middle East, and Asia, the company plans to expand its M&A roadmap and sector-specific offerings through 2026 and beyond.

“This is the kind of company Sri Lanka should be building,” said Damith Pallewatte, MD/CEO of Hatton National Bank. “A tech-first business with global delivery, strong governance, and long-term vision.”

“We see Short Circuit as a highly structured, investable business,” added Ray Abeywardena, CEO of HNB Investment Bank. “The leadership’s financial clarity, disciplined approach, and investor alignment make this a standout transaction.”

Surge Global’s previous investors exited at a 15.5x return, marking one of Sri Lanka’s most successful private tech outcomes. The Short Circuit deal – structured as a blend of equity and debt – reflects a new era of financially disciplined, operator-driven business with global ambition.

Mangala Karunaratne, Founder of Calcey, will remain on the board, offering continuity and vision, while stepping back from daily operations.

Calcey was founded by Mangala in 2002, and in the years since, grew into one of Sri Lanka’s leading tech firms serving clients primarily in North America, Europe, and Australia.

“I first met Bhanuka in 2014 at a startup conference. He was a 20 year old who simply wanted to build a globally competitive digital marketing company out of Sri Lanka. I saw the fire and the chip on his shoulder, I got involved then and there as an advisor and an investor.

We’re short circuiting the conventional path to building a global company with Sri Lankan roots, and it’s something we’re super excited about!” said Mangala Karunaratne.

Board of Directors

Bhanuka Harischandra – Group Managing Director
Dave Chesson – Group Chairman
Mangala Karunaratne – Director
Sir Mahesh Patel – Director

Strategic Advisors

Maud Meister – Former Head of Global Strategy, Airbnb
Le Shi – MD, Auros Global
Pete Deemer – Founder, GameSpot
Michael Dailey – Former Vice President, Morgan Stanley

The new entity Short Circuit is more than the sum of its parts. It’s a cross-border business for scaling technology products, growing brands, and taking intelligent investment risks. The next phase will include strategic acquisitions, sector-specific spinouts, and a continued push to deliver not just services – but companies of consequence.

“We’re exporting more than engineering – we’re exporting the ability to build businesses. This is our bet on the next generation of Sri Lankan tech” -concluded Bhanuka.

Sudath Perera Associates, led by Dushyantha Perera, acted as lead legal counsel to Short Circuit and the Surge and Calcey groups, while Stephenson Harwood (Singapore) Alliance advised on certain Singapore elements of the transaction. Baker McKenzie acted as Singapore legal counsel to HNB.

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