Jamaica’s PanJam Investment Limited and Portland Private Equity have both acquired 15 per cent stakes in Outsourcing Management Limited, which trades as itelbpo.
Founded in 2012 in Montego Bay, Jamaica, as Island Outsourcers, itelbpo is one of the region’s largest, home-grown business process outsourcer with operations in Jamaica, The Bahamas, Mexico, and the United States.
With some 2,700 team members, the company offers voice and digital contact centre services, as well as customer experience management solutions to Fortune 500 companies.
The injection of capital from PanJam Investment and Portland Private equity will be used to “expand [itelbpo’s footprint] in Kingston, Jamaica, as well as in the Eastern Caribbean in 2020”, itelbpo Chairman and CEO Yoni Epstein shared with Caribbean Business Report.
Over the next five years, the company expects to add 5,000 new seats from new and existing clients, as well as through acquisitions.
Preferring not to disclose details about the transaction, Epstein explained that in June itelbpo started a process of identifying private equity partners that could support its “pursuit of scaling the business”.
“… In August [we] decided that Portland Private Equity and PanJam were the two partners that the company should go into due diligence with,” he further revealed.
Speaking on behalf of PanJam, Senior Vice-President of New Business Development & Strategy Joanna Banks noted that the transaction represents her company’s commitment to invest in regional companies that embody the entrepreneurial spirit.
“The burgeoning business process outsourcing sector is a cornerstone of our economic growth, and itelbpo is leading the charge by ensuring that Jamaican talent participates and benefits at every level,” she added.
Ricardo Hutchinson, vice-president of investments at Portland Private Equity concurred.
“We are happy to partner with itelbpo given its contribution to regional employment, which aligns with our strategy of fostering growth for the enrichment of the local and regional economies. We believe that itelbpo has a bright future, with further geographic expansion, technological advances and strong relationships with some of the world’s biggest brands,” he said.
In the meantime, Epstein said his company is on the lookout for exciting opportunities that will add value to its existing model, grow its footprint and add to the services it now provides.