Massy Technologies sold

[triniboi49]

http://www.massygroup.com/assets/0/72/73/78/8ce213d9-9c96-4e45-b4cf-2d133c22334a.jpg

Musson Group buys Massy Technologies. It is interesting that they are exiting the ICT field.

[originalbling]

https://www.mussonjamaica.com/page/history

Never really heard of them till this sale. I am guessing its their chance to get into the Trini market and continue serving massy's customers

[Redman]

http://www.massygroup.com/assets/0/72/73/78/8ce213d9-9c96-4e45-b4cf-2d133c22334a.jpg

Musson Group buys Massy Technologies. It is interesting that they are exiting the ICT field.

Well when youre in a field that is dominated by the state(TSTT) and Cable and Wireless(Flow TSTT Amplia) it is hard to grow.

[agent007]

Let's get into some history here. You guys remember CCS Technology and Borde Communications? Well they came together to form Illuminat which later became Massy Technologies InfoCom (MTIC) due to the rebranding exercise back in 2014.

But a study took place in the late 2000s which sought to answer questions of relevance going forward. To resolidify the position of the group, they did the whole rebranding thing which came with mixed results.

Massy Automotive IIRC was doing poorly 3 years in a row which lead to imminent restructuring.

Massy Stores dis this whole non plastic initiative which backfired.

They got rid of Massy Communications which pumped millions into FTTH which got nowhere for them.

They got rid of Pereira & Co. about a year ago and it comes as no surprise that MTIC got the axe.

MTIC was doing poorly, partly due to some toxic internal influences.

In these challenging times, expect more M&As as companies consolidate to stay relevant.

From a Massy Group perspective, any subsidiary that bleeds cash would get the axe and the ICT arm would not be the last of this type of news you would receive.

[mitch1980]

Not because it was sold it means it was not doing well....the strategic fit was not there.

A couple other companies n Massy will be sold as well.

[Dizzy28]

https://www.mussonjamaica.com/page/history

Never really heard of them till this sale. I am guessing its their chance to get into the Trini market and continue serving massy's customers

Musson here a while now. They bought Micon Marketing a few years back and Motor One Insurance last year.

[neilsingh100]

So that leaves TSTT as only majority locally owned company that would have balance sheet to bid on large contracts.

Jamaican companies eating our lunch. First NCB with GHL and now this.

[rebound]

I hope the employees are not adversly affected

[matr1x]

Massy technology....when you need a waste of space

[snatman]

So that leaves TSTT as only majority locally owned company that would have balance sheet to bid on large contracts.

Jamaican companies eating our lunch. First NCB with GHL and now this.

Also a Jamaican company took over the BMW dealership.

But...
They could be biting off more than they could chew. Jamaica's economy is heavily dependent on tourism and remittances. Which have both dried up.

NCBFG, JMMB have now stopped paying dividends. And their stock prices on the jam stock exchange is near 52 wk lows. And trending lower.
GHL has also stopped paying dividends.

Things far from rosy in Jamaica.

[Redman]

So that leaves TSTT as only majority locally owned company that would have balance sheet to bid on large contracts.

Jamaican companies eating our lunch. First NCB with GHL and now this.

Of course competing with their shareholders.

[teems1]

Guardian was originally a Jamaican company so it made the full rounds.

So that leaves TSTT as only majority locally owned company that would have balance sheet to bid on large contracts.

Jamaican companies eating our lunch. First NCB with GHL and now this.

Of course competing with their shareholders.

[triniboi49]

Its stange that this was not widely reported, Massy Technologies while small for Massy is still an important ICT company in Triidad - they support the ATMs and sell enterprise hardware and software.

[Redman]

Guardian was originally a Jamaican company so it made the full rounds.

So that leaves TSTT as only majority locally owned company that would have balance sheet to bid on large contracts.

Jamaican companies eating our lunch. First NCB with GHL and now this.

Of course competing with their shareholders.

Teems can you give more detail?

[agent007]

I want the details too, thanks cause see below:

About Us
In 2002 Guardian General Insurance Limited emerged on the Caribbean insurance market. Some may have mistaken us as a new player but in fact, we had been on the playing field for over 50 years.

In 2001 Guardian Holdings Ltd. acquired N.E.M. (West Indies) Insurance Limited (NEMWIL). NEMWIL which was formed in 1960, represented National Employers Mutual General Insurance Association which had been conducting business in Trinidad since 1927. At the time of the acquisition, NEMWIL was the largest property & casualty insurer indigenous to the Caribbean, trading in over 17 territories.

In December of 2001 Guardian Holdings Ltd. acquired the Caribbean Home Insurance Company. Established in 1973, Caribbean Home operated mainly in the Southern Caribbean with a few operations in the more Northern Territories. As well as its reputable property and casualty business, they also maintained a sizeable health insurance portfolio in Trinidad & Tobago and Barbados.

When the operations were consolidated to form Guardian General Insurance Limited the health insurance portfolios for both companies were transferred to our sister company Guardian Life of the Caribbean thereby making Guardian General Insurance Limited a purely property and casualty insurer.

Today, Guardian General Insurance Limited is the largest property and casualty insurer that is 100% Caribbean owned.

http://trinidad.myguardiangroup.com/gua ... e/about-us

[teems1]

Guardian was originally a Jamaican company so it made the full rounds.

So that leaves TSTT as only majority locally owned company that would have balance sheet to bid on large contracts.

Jamaican companies eating our lunch. First NCB with GHL and now this.

Of course competing with their shareholders.

Teems can you give more detail?

Well technically it was Scottish, then Jamaican, then Trini

http://trinidad.myguardiangroup.com/gua ... ns-history

Company Profile

The Guardian history of service to the Caribbean dates back to 1847 when Standard Life of Edinburgh, Scotland, opened a branch office in Trinidad. Standard Life ceased operating and merged its Trinidad and Tobago portfolio with that of Jamaica Mutual Life Assurance Society, effective November 15, 1972. Towards the end of the 1970s, it became mandatory for all insurance companies to localize their operations. And so it was that Guardian Life of the Caribbean was created to accept the Trinidad and Tobago portfolio of Jamaica Mutual in December 1980. It was incorporated in the Republic of Trinidad and Tobago on December 30, 1980 and registered under the provisions of the Insurance Act, 1980.

[Redman]

Kk
Thx

[Monk BANzai]

Not because it was sold it means it was not doing well....the strategic fit was not there.

A couple other companies n Massy will be sold as well.

MTITL was doing poorly. First hand experience using them on some projects in 2019 and 2020. They do alot of backseat driving and never really executed what they are paid sometimes Millions to do.

1,000 clients cant be wrong.

Let's see how they do with a Jamaican run board. Trinis and J'can mode of business always cross thread (TSTT BoD ran out of town TSTT's most progressive CIO who was J'can due to conflicting work ethics)