The Tribune

A Caribbean business process outsourcer, which has an operation in Freeport, has sold a collective 30 percent equity stake to two Jamaican private equity firms to help finance further regional expansion.

PanJam Investment Ltd and Portland Private Equity have entered into agreements to each acquire a 15 per cent ownership stake in Outsourcing Management Ltd (OML), which trades as itelbpo.

itelbpo, which was founded in 2012 in Montego Bay with just seven staff, now has operations in Jamaica, The Bahamas, Mexico and the US. It offers voice and digital contact centre services, as well as customer experience management, using at-home and on-site workforces comprised of over 2,700 team members.

“We are excited to partner with PanJam and Portland,” said Yoni Epstein, itelbpo’s founding chairman and chief executive. “Their investments will go a long way in enabling our pursuit of scaling the business and building the region’s reputation as a destination for outsourcing.”

He added that itelbpo expects to add 5,000 new seats from new and existing clients, and through acquisitions, over the next five years.

itelbpo last year said its Freeport-based unit will “grow by an additional 100 percent” after securing a contract to serve US-based utilities.

Initially known as Island Outsourcers, the company moved into Freeport in 2013 as Grand Bahama’s first business process oursourcing (BPO) operator when it won the contract to act as the Ministry of Tourism’s call centre. It is also the business who Bahamasair’s reservations department has been outsourced to.

itelbpo, which employs 150 persons in Freeport, specialises in handling customer queries through phone and digital services. It has 1,500 employees company-wide. “The Bahamas facility is expected to grow by an additional 100 percent, resulting from a newly-won contract that serves the utilities industry in the US,” the company said in a 2018 statement.

“itelbpo’s future plans include an expansion of its global workforce to 5,000 staff members within the next five years, including bringing its work-from-home model into the Caribbean. The planned expansion includes staff increases at its Freeport location, as well a continued diversification of the services offered there.”

Ricardo Hutchinson, Portland’s vice-president of investments, said of their move: “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. 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.”

Joanna Banks, PanJam’s senior vice-president of new business development and strategy, described the transaction as “a representation of PanJam’s commitment to invest in regional companies that embody the entrepreneurial spirit.

“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,” she added.