Managed security services provider Simply Secure Limited is looking to take over local Junior Market information technology services provider, tTech.
In a notice to the Jamaica Stock Exchange, tTech said the company, with its parent Simply Secure LLC based in Fort. Lauderdale, Florida, now holds 49.1 per cent of tTech’s issued shares.
Simply Secure Limited is owned by Kevin Gordon and Rob Mayo-Smith.
It bought the tTech shares from two major shareholders Edward “Teddy” Alexander and former CEO Christopher Reckord.
Simply Secure now owns just over 52 million tTech shares, and the company says it plans to take controlling interest in the local IT firm.
tTech has 106 million shares issued, valued at $2.50 at the close of trading Friday.
At Friday’s rate, the transaction is valued at more than $130 million.
tTech says once Simply Secure gets a controlling interest in tTech, it will extend an offer to all remaining tTech shareholders to purchase their shares.
tTech listed on the Junior Market in January 2016.
The notice says this is dependent on the required approval and due diligence being received, along with regulatory approval.
As the acquisition is beyond 20 per cent of tTech’s issued and outstanding ordinary shares, its says the JSE and the Financial Services Commission have been notified.
tTech says there will be some director and management changes.
