Peart takes second shot at reacquiring Bluedot

Larren Peart is making a second attempt at reacquiring 100 per cent share ownership in Bluedot, the data insight and intelligence company he launched six years ago.

Peart first attempted to reacquire SSL Venture Capital Jamaica’s 50 per cent shareholdings in Bluedot Data Intelligence Limited in early 2020 – under a cash deal valued at US$300,000 or $39.76 million in local currency, as disclosed by SSL Ventures in its financial reports – but the deal fell through when Peart could not come up with the funds to complete the transaction after more than a year of negotiations.

In September, SSL Ventures sold 20 per cent of its shareholding in Bluedot to Yes Iyah whose directors and principals are Ryan Reid, Michael Banbury and Sean Shelton. SSL Ventures was still in search of a buyer for the remaining 30 per cent.

Up to that time, Peart himself held a 20 per cent stake in Bluedot and managed the business. The other 30 per cent was split between Zachary Harding, 10 per cent and Kimala Bennett, 20 per cent.

On Tuesday, the Bluedot founder told the Financial Gleaner that he is about to reacquire full ownership of the company, saying the paperwork was advanced.

He also said the reacquisition of shares from Yes Iyah and SSL Ventures are already completed, and the deals with Zachary and Bennett are expected to close by the end of this week.

On Monday, Reid confirmed that Yes Iyah has sold its Bluedot shares but would not reveal the buyer. Anthony Dunn, the CEO of SSL Ventures, said only that they would be making a disclosure of a transaction to the Jamaica Stock Exchange. SSL trades on the JSE junior market.

Peart declined to comment on whether the value of the transactions was above or below the US$300,000 figure previously negotiated with SSL Ventures in 2020.

Bluedot Data Intelligence Limited is a full-service market research, social media and data insights agency that provides support services, data-driven strategy recommendations, social media optimisation solutions and management consulting services to clients across industries. Its client portfolio includes government, corporations and non-governmental organisations, or NGOs.

“Once I have full control I will push ahead with the plans for expansion,” Peart said.

The company is looking to enter Caribbean markets in the first quarter of 2022 through Bluedot’s virtual platforms, he said, and that the markets being targeted are Trinidad & Tobago, Barbados and Bahamas. Bluedot’s previously reported arrangement with Barbados agency G&A Communications Inc to service clients in that country is no longer in effect.

Locally, Peart is looking to build out a consultancy division for Bluedot and expanding its data analytics services, with a focus on artificial intelligence and machine learning data analytics, including credit risk models for banking institutions.

A big chunk of Bluedot revenues in Jamaica comes from large corporate companies, but its focus over the short to medium term will be on increasing business with small and medium-sized businesses.

“We will be making a significant investment in technology during the first quarter of next year and our target will be SMEs,” Peart said.

He has also refreshed plans for expanding Bluedot’s service offerings overseas beginning with the Eastern Caribbean. Such expansion will likely take place through acquisitions, he added, while noting that their execution would require another round of financing.

“We have significant demand for services and in order to capitalise on those opportunities, I’m contemplating whether to take on more investors or to conduct an initial public offering,” he said.

karena.bennett@gleanerjm.com