Digicel acquires Prism

Digicel acquires Prism

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com

Thursday, December 03, 2015

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Digicel Group has acquired controlling interest in Prism Holdings as it seeks to expand its products and services.

Prism Holdings is a privately held business-to-business company operating in 22 countries with regional headquarters in Barbados, and offices in the Bahamas, Jamaica and Trinidad & Tobago.

Details of the transaction were not disclosed: however, head of group public relations, Antonia Graham, in an emailed response to the Jamaica Observer, stated that "in line with the convergence of digital communications across the globe, we are continuing to expand our range of products and services. Prism Holdings, as a financial services powerhouse, fitted in with that vision."

Prism Holdings is a conglomerate with one of its subsidiary being Prism Services Inc, part-owner of the loyalty rewards company Magna Rewards. The company's core services include data centre solutions, electronic financial processing, contact centre, records and asset management, mailing and fulfillment solutions, and loyalty management.

Indications are that Digicel will be expanding its services to include all aspects of Prism's core services. Prism's payment system -- electronic financial processing -- involves the processing of more than 20,000 debit cards transaction each day and the clearing of half a million cheques per month. Its records and asset management company, Stronghold Data Solutions, provides comprehensive records management and storage solutions that anticipate and address the needs of customers of all sizes in the Caribbean.

"In 1997, we built and launched the Barbados National Debit Switch and have managed its operation ever since," owners Edward Ince and Mike Parris stated on Prism Services Inc website.

"We also manage the Barbados Automated Clearing House where we process six million cheques a year under the direct supervision of the Barbados Central Bank. We are a strategic partner with the ability to efficiently, securely and reliably manage all your transaction-processing needs," the note continued.

Group CEO of Digicel Colm Delves, in a release to the public, said he was delighted to welcome Prism to the Digicel family.

The deal to purchase controlling interest in St Lucia-based International Media Content (IMC) also gave the regional telecommunications firm a toehold in the North American market through CEEN-TV, which targets the Diaspora in the US tri-state area and in Canada.

Digicel stated that the co-managing directors will remain in their current position.

"This move means accelerated growth for our business and gives us the ability to take advantage of bigger opportunities coming down the track. Digicel is the right strategic partner for us and we are looking forward to growing together," the co-managers said.

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