Musson (Jamaica), Portland Caribbean Fund II, Portland Caribbean Fund II (Barbados) and Portland Fund II Co-Invest Partnership sold their equity interest to PBS

Jamaican-based information technology and business supplies company, Productive Business Solutions (PBS) Limited is acquiring PBS Technology Group Limited, a software solutions company incorporated in St Lucia.

The Paul B. Scott led PBS has announced that it has entered into a definitive agreement to acquire from Musson (Jamaica) Limited, Portland Caribbean Fund II, L.P., Portland Caribbean Fund II (Barbados) L.P., and Portland Fund II Co-Invest Partnership, their interest in PBS Technology Group.

The terms of the sale are two-fold; a cash component and a share component in PBS. Under the terms of the transaction, PBS will issue to the vendors 62,940,796 common shares and pay US$5,494,403 in cash for their equity stake in the St Lucian company.

In 2020, PBS Technology Group acquired Massy Holdings Limited’s information technology and communications business throughout the Caribbean. Massy Technologies is one of the largest and most established technology providers in the Caribbean for over 45 years.

PBS the leading IT solutions provider across Caribbean and Central America

The acquisition solidifies PBS as the leading information technology solutions provider across the Caribbean and Central America. The business, when combined with that of PBS Technology Group will generate over US$250 million of annual revenue, operate in 19 countries and employ over 2,100 information technology professionals.

Commenting on the business combination, PBS Chairman, Paul B. Scott remarked, “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.”

For his part PBS Technology CEO, Pedro M. París 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”.

PBS, under its previous name, Xerox Jamaica Limited, has operated in Jamaica for over 36 years. A member of the Facey and Musson Group of Companies, PBS is the exclusive distributor of the Xerox brand since 2002 with the company diversifying its products and services portfolio to include other global partners and solutions.

PBS operates in 15 countries across the Caribbean and Central America covering 22 markets with 1500 employees. Through its subsidiaries, PBS Technology Group operates in 5 countries: Trinidad and Tobago, Jamaica, Barbados, Guyana and Antigua and Barbuda.

In its enterprise communications business, the St. Lucian outfit provides networking solutions, communication infrastructure, network security, IP telephony, two-way radio and operates a network operation centre. Additionally, it provides digital transformation consulting, managed services, technical support services, sells IT mission-critical servers, desktops, laptops, multifunctional printers and offers advanced services such as omnichannel payment solutions.

Through its subsidiaries in Barbados and Trinidad and Tobago, PBS Technology Group also owns “Surepay,” a leading e-billing platform in Barbados and Trinidad and Tobago.