SSL Venture Capital Jamaica Limited (SSLVC) advised on Monday, December 9 of the company’s intention to change the name of SSLVC with one option being Boost Ventures.
The company states that the new name will be reserved with the Company Office of Jamaica. Officials from the SSLVC however, have indicated that the name selection process is still underway.
SSLVC further advised that effective November 1, 2019, Anthony Dunn assumed the position of Chief Operations Officer at SSLVC.
“(Losses)…mainly attributable to the company’s beverage distribution business and head office which incurred significant one-off expenses due to the reorganization and financial management review…”– SSL Venture Capital CEO, Zachary Harding
The company has recently emerged from an auditing challenge to which it responded by undergoing a restructuring exercise as recommended by consultants.
Auditors, Baker Tilly undertook a review for the period July 2018 to December 2018 to clear up issues following a qualified opinion in relation to the Audited Financial Statements as at December 2018.
At mid-year, the company indicated that it had “resolved all outstanding audit issues and issues raised during the previous audit. Our auditors have now given us a clean bill of health for the audit period July 2018 to June 2019.”
The company promised in its most recent financials that it would continue to streamline operations, with the expectation that continued improved performance will result in all areas of its operations.
SSL Ventures emerged after a reverse takeover of loss-making music publisher C2W Music in summer 2018.
C2W Music Ltd (MUSIC) directors, transferred shares totalling 215,978,588 units to Stocks and Securities Ltd bringing SSL’s total ownership to 320,000,000 units or 80 per cent of total issued shares.
The company, which was later renamed SSL Venture Capital Jamaica Limited, now seeks to build its revenue stream from investing in start-ups with strong growth potential.
In September 2019 the company disclosed that it had acquired stakes in three portfolio companies in exchange for an injection of cash in the start-up businesses.
It executed equity arrangements with distribution and branding company, Bar Central Limited; marketing agency and content production company, Muse 360 Integrated Limited; and insights agency, Blue Dot Data Intelligence Limited.
For the quarter ended September 30, 2019, SSLVC’s revenue was J$51.0 million which was a J$7.5 million decrease over the 2018 quarter revenues of $58.5 million.
This resulted in losses of $25.6 million, a decrease from the prior year’s profit of $1.7 million.
CEO Zachary Harding said in comments attached to the financial report that the losses were “mainly attributable to the company’s beverage distribution business and head office which incurred significant one-off expenses due to the reorganization and financial management review that was done to implement processes and governance procedures across all portfolio companies, the result of which we expect to see in future quarters.”
Harding noted for the quarter under review, the company’s Data Intelligence company reported a profit of $2.1 million, noting, “with these efficiency and governance improvements, we expect to see a positive trend in our performance going forward.