Jamaica’s Musson Group announced that it last week completed the acquisition of Massy Technologies, a regional information and communications technology subsidiary of Massy Holdings Limited.
Massy Holdings also made a disclosure of the divestment of its technology operations in a notice on the Trinidad and Tobago Stock Exchange’s website.
“The company (Massy Holdings) wishes to advise that… on September 30, 2020, the Massy Group sold two companies, Massy Technologies (Trinidad) Ltd and Massy Technologies (Guyana) Ltd, to PBS Technology Group (PBSTG), owned by Musson Group, a long-established company which controls several listed companies in the region,” the notice read.
“Although the sale of this business represents a divestment of a small percentage (three per cent) of the Massy Group’s total assets, it means that Mssy has exited its information technology and communications business,” it added.
“Together our two information technology businesses, PBS and PBS Technology Group, will create an unrivalled platform that covers the Caribbean and Central America.”— Paul B Scott, chairman and CEO, Musson Group Limited
In a release from the Musson Group, the company described Massy Technologies as one of the largest and most prominent ICT providers in the region. The former Trinidadian-owned company offered its customers across five countries — Trinidad and Tobago, Jamaica, Barbados, Guyana, and Antigua and Barbuda — enterprise IT and communications solutions that included design, implementation, managed services, and system maintenance.
“Massy Technologies owns a high-quality portfolio of mission-critical technology and communications businesses and is managed by an exceptional team of talented professionals. We are privileged to welcome them to the Musson Group,” Chairman and CEO, Musson Group, Paul B Scott, commented.
Once the acquisition process is complete, Massy Technologies will be rebranded as PBS Technology Group and will remain separate from Musson’s other technology firm, Productive Business Solutions (PBS).
However, as its new parent company prepares for a transition period and awaits the requisite approvals, the former Massy outfit will fall under the management of incoming CEO of PBS Technology Group Ian John, who is also the former CEO of Massy Technologies.
“Our team has built a leading information technology and communications business with long-standing clients, deep relationships with global vendors and strong technical capabilities,” the CEO commented.
“We are pleased to be joining the Musson Group. We share a common belief in the growth opportunity ahead of us and look forward to working together to take the business to the next level,” he continued.
Upon receiving approvals for the acquisition, Musson plans to merge both PBS Technology Group and Productive Business Solutions into one entity. At that time the combined operation will span 19 countries across the Caribbean and Central America, with 2,100 employees, and will command total annual revenue of US$250 million.
According to Scott, “Together our two information technology businesses, PBS and PBS Technology Group, will create an unrivalled platform that covers the Caribbean and Central America. Our increase scale and combined resources will allow us to better serve our clients and offer exceptional value to global technology brands seeking to do business in our region.”