Demand for more Jamaican agents is forcing global services provider itel to consider expansion outside of the Corporate Area and the Montego Freeport — the latter being where the company has its headquarters.

The disclosure was made by itel founding chairman and CEO Yoni Epstein during an interview with Jamaica Observer in which he outlined expansion plans for the company in the Central American country of Belize as well as plans to grown locally.

“We have a slightly different approach going forward, but I will keep it under wraps right now,” he said when asked if the company is considering further growth in Jamaica.

Pressed whether that growth results in additional locations outside of the Corporate Area and Montego Bay, Epstein responded in the affirmative but explained that “we haven’t decided [where] yet”.

For now, the itel is anticipating the completion of a second building on Chalmers Avenue which should be “occupied by the end of the year”. Consequent on itel’s occupation of the new Chalmers Avenue building, the company will vacate the office space it currently operates from at Pawsey Avenue and Trafford Place in New Kingston.

Just last year, in May, itel marked the opening of the Chalmers Commercial location as its second Kingston-based outsourcing operations housing over 825 employees, and 1,140 agent seats. At 90,000 square, the building was ergonomically designed to accommodate up to 1,400 employees with functionality, security, and employee experience at the fore and expected to contribute US$60 million to the local economy.

Coinciding with the opening of Chalmers Commercial, landlords of the property announced the construction of a second building set for opening this year.

On another note, Caribbean Business Report asked the itel CEO if the company is looking to move up the outsourcing value chain.

“We’re always looking at those opportunities. It really depends on the opportunities that are out there and the skill sets that we have to offer. Some of that stuff, we don’t really have the skill set in Jamaica and we as a company don’t really have that skill set,” he explained.

“So you probably wouldn’t see us venturing into that world. What we may be looking at are advanced technologies and ways to enhance the work that our agents do and offer more creative ways for our clients to work. You know, those types of things is what we continue to look into,” he added.

On the matter of expansion, Epstein said the company will be returning to the capital market for debt funding to finance the company’s further growth. In 2019 itel sold a 30 per cent stake to PanJam Investment Limited and Portland Private Equity Limited, both receiving 15 per cent each.

According to PanJam’s consolidated financial statement for 2022, itel had revenue of $13.98 billion compared with $10.05 billion in 2021. However, the company reported a loss of $28.75 million, down from a profit after tax of $275.94 million a year prior.

Total assets jumped from $9.55 billion in 2021 to $10.22 billion.