PanJam and Portland Private Equity Announce Acquisition of Minority Stakes in itelbpo

KINGSTON, JAMAICA: PanJam Investment Limited (PanJam) and Portland Private Equity (Portland) announced today that they have entered into an agreement to each acquire a 15 per cent ownership stake in Outsourcing Management Limited (OML), which trades as itelbpo.

itelbpo was founded in 2012 in Montego Bay with a team of seven.  Now, it is the region’s largest, home-grown business process outsourcer, with operations in Jamaica, the Bahamas, Mexico and the United States.  It offers voice and digital contact centre services, as well as customer experience management, using both at-home and on-site workforces comprised of over 2,700 team members. 

Ricardo Hutchinson, Vice President of Investments at Portland, stated: “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 & 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.”

“We are excited to partner with PanJam and Portland,” said Yoni Epstein, itelbpo’s Founding 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.