Business

Jamaican technology firm enters US market

BY BALFORD HENRY
Senior staff reporter
balfordh@jamaicaobserver.com

Wednesday, October 23, 2019

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Jamaican-founded digital transformation firm Ingenuity Technologies Limited says it has entered the US market and secured its first US customers.

The parent company is now Ingenuity Technologies Inc, a Delaware registered company with an office in Miami, Florida.

The new market entry was facilitated by working with investment firm Blue Mahoe Capital Partners, which is helping to secure additional US clients and provide guidance on growing the existing business in the Caribbean region.

The firm now owns a minority of shares in Ingenuity Technologies Inc, and has committed to invest an undisclosed sum over the next 12 months.

Founder and CEO of Ingenuity Technologies Limited Melarka Williams said that the move represents an important step in moving Jamaica and the Caribbean higher up the value chain, towards digital innovation and transformation.

“We currently drive innovation and transformation for large enterprises in the Caribbean, and will focus on the often-ignored SME market in the USA,” Williams said.

“Our products and services will assist SMEs in the USA with enhancing business performance — increasing the reach to their customers and providing a competitive edge, while giving opportunities for the best and brightest in the Caribbean to work on innovative and disruptive solutions for multiple markets,” he noted.

David Mullings, chairman and CEO of Blue Mahoe Capital Partners Inc, is now also the chairman of the new US-based technology firm.

“Developing economies like Jamaica are benefiting from improved economic management, and we strongly believe that digital technologies such as those provided by Ingenuity will help to improve productivity and efficiency,” said Mullings.

“Helping the firm get a foothold in the US market among small businesses will provide additional knowledge and case studies that they can redeploy in the Caribbean. It is beneficial to be a minority-owned business in the USA, and we will leverage that advantage and Blue Mahoe Capital's relationships,” he added.

Jamaica is becoming known for call centres and the business process outsourcing (BPO) industry, but with nearshoring becoming more common and businesses moving more development work away from India, the English-speaking Caribbean is also ideally placed to scale up automation and analytics services to North American firms.

Ingenuity Technologies Ltd was named a partner of the Development Bank of Jamaica's (DBJ) IGNITE programme, to help transform MSMEs in Jamaica and the Caribbean.

Through this partnership, they plan to maximise the potential of the digital market in Jamaica and the Caribbean, and provide high-value jobs that can benefit both the individual and the economy. Their approach will also involve an assessment of the workforce by first evaluating how the average man perceives having a better job, and then using that data to inform their progress, which will drive economic growth.

Ingenuity Technologies, which has its local base inside the Winchester Business Centre in Kingston, is a digital transformation firm which builds and implements digital platforms or licenses proprietary digital platforms to companies, increasing their performance and enhancing their customer reach.

Blue Mahoe Capital is a private investment firm building a portfolio of public and private Caribbean companies that US retail investors, especially the Caribbean diaspora, will be able to buy and hold for the long term. The Island Forward Impact Fund is focused on opportunities around sustainable development goals, and the exchanges traded fund will focus on public Caribbean equities in select industries.


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