Florida firm Simply Secure launches formal takeover bid for tTech Limited


On Friday December 13, the board of directors of Information Technology services provider tTech Limited informed its shareholders and the public via notice on the Jamaica Stock Exchange of a formal takeover bid from m Simply Secure Limited to acquire 32,770,777 of the issued and outstanding shares in the Company.


Simply Secure Limited (SS) is an international business company incorporated under the laws of St. Lucia. Its registered office is located at Bourbon House, Castries, St. Lucia. The principals of SS are Kevin Gordon and Rob Mayo-Smith, who are also the principals of Simply Secure LLC, a managed security services provider operating from Fort Lauderdale, Florida. Kevin Gordon is the current CEO of tTech Limited. Rob-Mayo Smith is a Director.

SS, the offeror has already acquired 73,229,223 tTech shares amounting to 69.1 per cent of the company’s 106,000,000 issued ordinary stock units through a series of acquisitions at a price not exceeding J$2.20 per share, thereby acquiring control of the Company on November 16, 2024, the disclosure said.

tTech last traded for $2.00 per share on December 13.

SS advised the Board of Directors of the Company on December 12, 2024 of its intention to make this offer to all tTech shareholders to acquire the remaining 32,770,777 tTech shares (amounting to 30.9 per cent of the issued ordinary stock units) in compliance with the Take-Over Rules of the Securities Regulations and the rules of the Jamaica Stock Exchange.


The offer opened on r: Friday, December 13, 2024 at 9:00am and will close on Monday, January 6, 2025 at 4:00pm.


The Board of Directors said that they are “currently reviewing the offer and its implications for the company and its shareholders. “We recommend that shareholders review and consider the contents of the circular when making any decisions regarding their shares in the Company,” the notice signed by , Edward Alexander Executive Chairman tTech Limited stated.


For the second quarter ended September 30, 2024, tTech achieved revenues of $116.3 million and net loss of $5.9 Million. This represents a 1.7 per cent reduction in revenues compared to the period in 2023, while the results were less than the prior year by $11.7 million.


Directors said that restructuring commenced Immediately following the acquisition of 49.4 per cent of the shares by Simply Secure, a project aimed at enhancing efficiency and aligning with new growth priorities. One of the key improvements, they stated, was the integration of the tTech and Simply Secure teams into a single operational structure.


Directors commented in the second quarter report, “By merging expertise from both companies, we were able to streamline operations, eliminate redundancies, and foster greater collaboration. This move resulted in enhanced efficiency across departments, allowing for faster decision-making and more cohesive execution of projects.”

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