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JAM | Nov 20, 2024

Simply Secure now majority owner of tTech Ltd, offers to purchase remaining 30.9% shareholding

/ Our Today

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Norman Chen, tTech CEO, speaking at the annual general meeting (AGM) on Thursday, June 15, 2023, at the Courtleigh Hotel in New Kingston. (Photo: Facebook @ttechlimited)
Logo of tTech Limited. (Photo: ttechlimited)

Durrant Pate/Contributor

Florida-based Simply Secure Limited has increased its shareholding in Jamaican IT company, tTech Limited and is now the majority owner.

This is as a consequence of the company acquiring a further 20% shareholding or 20,719,366 tTech shares from its founding fathers, Norman Chen and G. Christopher Reckord. This latest acquisition increases Secure shareholding in tTech Limited to 69.1%, representing 73,229,223 shares.

In July this year Simply Secure acquired from Alexander and Reckord 52,012,834 tTech shares, representing 49.1% of the company’s equity. With Simply Secure having over the 50% ownership threshold of tTech’s issued and outstanding ordinary shares, the Fort Lauderdale-based managed security services provider, is now required to extend an offer to all remaining tTech shareholders to purchase their shares.

Christopher Reckord, a founding father of tTech Ltd.

Regulators’ approval needed

This will, however, be subject to approval from regulators. Simply Secure is owned by Kevin Gordon and Rob Mayo-Smith. 

It is anticipated that the synergies between tTech and Simply Secure will enhance the services provided by tTech, particularly in the area of Cybersecurity. Under this new arrangement, Simply Secure and tTech are committed to leveraging greater resources to meet the growing demand for managed security services. 

The primary focus will remain the delivery of “exceptional value to our customers and optimal growth opportunities for our employees”. tTech Limited is one of Jamaica’s IT services providers offering a wide range of services to help businesses manage their IT infrastructure efficiently and securely while Simply Secure specializes in providing comprehensive security solutions to protect businesses from cyber threats and ensure the safety and integrity of their IT environments.

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