SSL Venture Capital Jamaica has begun the divestment of its 50 per cent holdings in Bluedot, by a deal with Yes Iyah Limited that has rankled the founding father of the info perception agency.
The worth of the transaction with Yes Iyah, whose administrators and principals are Ryan Reid, Michael Banbury and Sean Shelton, was not disclosed.
The deal has denied Bluedot CEO Larren Peart the chance to reacquire an outright majority of the corporate, and is weighing his choices concerning his future with the agency he launched six years in the past, in 2015. Negotiations with SSL Ventures proceed concerning a deal over the remainder of the shares still held by the enterprise capital financier, he stated.
“I haven’t decided as but. Discussions are happening, and presently all I can say is that Yes Iyah has purchased 20 per cent of Bluedot,” was all a reluctant Peart wished to say when contacted.
Bluedot Data Intelligence Limited is a full-service market analysis, social media and knowledge insights company that gives assist companies, data-driven technique suggestions, social media optimization options and administration consulting companies to purchasers throughout industries. Its consumer portfolio consists of authorities, firms and non-governmental organisations, or NGOs.
Up to just lately, Bluedot’s shareholdings have been cut up amongst Peart and Camallo Bennett with 20 per cent every; Zachary Harding, 10 per cent; and SSL Ventures with 50 per cent holdings acquired in 2018. Peart continued to handle the enterprise after the SSL Ventures acquisition.
The enterprise capital firm initially struck a deal with Peart for him to reacquire majority possession in Bluedot final 12 months, however that association fell aside. SSL Ventures, which trades on the Jamaica Stock Exchange, introduced to the market over the summer time that Peart had breached the contract – the deal ought to have closed in June of this 12 months after the finalisation of cost and switch of shares – and later instructed the Financial Gleaner that it was prepared to dump its holdings to different events.
“We had supplied our portion of the corporate to Larren, with an association for cost over a specified time; which was solely proper since Bluedot was his brainchild,” stated SSL Ventures CEO Anthony Dunn.
“He didn’t comply with by, in that his aspect of the transaction was not accomplished. We took a authorized strategy to rescind the contract. Since then, he has come again to say he needs to finish the contract.”
SSL Ventures, which retains 30 per cent of Bluedot after the Yes Iyah transaction, the worth of which was not disclosed, is still prepared to chop a deal with Peart for these holdings, Dunn stated.
Peart is , saying discussions are underneath method with the businesses’ authorized representatives.
“I’m ready on them to get again to me on that 30 per cent. There is lots of backwards and forwards between attorneys and attribute delays in the entire course of,” he instructed the Financial Gleaner.
Dunn says SSL Ventures has given Peart every week to finish the transaction, the small print of which have been confidential.
Last 12 months April, when the deal was introduced for Peart to reacquire majority holdings in Bluedot, the corporate reportedly had a valuation of US$1.6 million. Peart says the corporate continues to do effectively, having rebounded from the consequences of the COVID-19 pandemic, and retaining “a superb portion” of company Jamaica as purchasers.