Jamaican contact center outsourcing company itelBPO announced yesterday that it has sold 15% ownership stakes to Portland Private Equity, a Jamaican private equity firm, and PanJam Investment Limited, a publicly traded Jamaican investment company listed on the Jamaican Stock Exchange.
itelBPO is the largest contact center operator established and headquartered in Jamaica. Founded by Yoni Epstein, the company has operations in The Bahamas, Mexico and the US in addition to Jamaica and has roughly 2,700 agents.
“We are excited to partner with PanJam and Portland,” said Yoni Epstein, itelBPO’s Chairman and CEO. “Their investments will go a long way in enabling our pursuit of scaling the business and building region’s reputation as a destination for outsourcing.” Epstein went on to state that itelBPO has been seeking a partnership of this kind in order to achieve its corporate goals. Over the next five years, the company expects to add 5,000 new seats from new and existing clients, and through acquisitions. He further noted that this is an exciting time for itelBPO as it continues its growth into a large, global BPO player.
“The burgeoning business process outsourcing sector is a cornerstone of our economic growth, and itelBPO is leading the charge by ensuring that Jamaican talent participates and benefits at every level,” said Joanna Banks, PanJam’s senior vice president of new business development and strategy.
PanJam Investment Limited provides property management services and real estate development in Jamaica, captive insurance, trades stocks and bonds for its own portfolio, and invests in public and private companies throughout the Caribbean.
“We are happy to partner with itelBPO given its contribution to regional employment, which aligns with our strategy of fostering growth for the enrichment of the local and regional economies,” said Ricardo Hutchinson, Portland’s vice president of investments. “We believe that itelBPO has a bright future with further geographic expansion, technological advances, and strong relationships with some of the world’s biggest brands.”
Portland Private Equity, managed by Michael Lee-Chin manages approximately $430 million USD of capital targeting private businesses throughout the Caribbean, Central America and Colombia. It manages the AIC Caribbean Fund and the Portland Caribbean Fund II.