Productive Business Solutions Limited (“PBS”) wishes to announce that it has entered into a definitive agreement to acquire PBS Technology Group Limited (“PBSTG”), a company incorporated under the laws of St. Lucia, from Musson (Jamaica) Limited, Portland Caribbean Fund II, L.P., Portland Caribbean Fund II (Barbados) L.P., and Portland Fund II Co-Invest Partnership (the “Vendors”). Under the terms of the transaction, as consideration, PBS will issue to the Vendors 62,940,796 common shares and pay US$5,494,403 in cash.
In 2020, PBSTG acquired Massy Holdings Limited’s information technology and communications business throughout the Caribbean, Massy Technologies, one of the largest and most established technology providers in the Caribbean for over 45 years.
Through its subsidiaries, PBSTG operates in 5 countries: Trinidad and Tobago, Jamaica, Barbados, Guyana and Antigua and Barbuda. In its enterprise IT business, PBSTG provides solutions including software, infrastructure and hybrid cloud computing.
In its enterprise communications business, PBSTG provides networking solutions, communication infrastructure, network security, IP telephony, two-way radio and operates a network operation center. Additionally, PBSTG provides digital transformation consulting, managed services, technical support services, sells IT mission critical servers, desktops, laptops, multifunctional printers and offers advanced services such as omni-channel payment solutions. Through its subsidiaries in Barbados and Trinidad and Tobago, PBSTG also owns “Surepay,” a leading e-billing platform in Barbados and Trinidad and Tobago.
The acquisition solidifies PBS as the leading information technology solutions provider across the Caribbean and Central America. The business, when combined with that of PBSTG, will generate over US$250 million of annual revenue, operate in 19 countries and employ over 2,100 information technology professionals.
In commenting on the business combination, P.B. Scott, the Chairman of PBS said, “Together PBS and PBS Technology will create an unrivalled platform that covers the Caribbean and Central America. Our increased 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. This is particularly true in the current environment which has accelerated the pace of technological adoption and highlighted its vital importance to our economic recovery.”
Pedro M. París, PBS Group CEO said “We entered the integration process we have been preparing for. Our objective is not the cost of this transaction, but what it is worth, combining our fantastic talent”.