The Massy Group has exited the information technology and communications business with the sale of two of its companies, Massy Technologies (Trinidad) Ltd and Massy Technologies (Guyana) Ltd.
On September 30, the Massy Group sold the two companies to PBS Technology Group Limited (PBSTG) which is owned by the Musson Group.
The Musson Group of Jamaica is “a long-established company which controls several listed companies in the region” a notice of the sale announced by Massy on the T&T Stock Exchange stated.
“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 massy hax exited its information technology and communications business,” it stated.
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.
“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 stated.
Former chief executive officer of Massy Technologies Ian John is the CEO of PBSTG.
“Following a transition period and requisite approvals parent company Musson Group intends to combine PBS Technology Group and Productive Business Solutions to create the dominant information technology solutions provider across the Caribbean and Central America,” it stated.
The combined businesses are expected to create an “unrivalled platform” to have over US$250 million of annual revenue and will operate in 19 countries and have over 2,100 IT professionals.
“Our team has built a leading information technology and communications business with long-standing clients, deep relationships with global vendors and strong technical capabilities,” John is reported to have said.
“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,” John stated.