Loop News April 21, 2022 07:56 AM ET

Training institute operator, iCreate Limited, is looking for diversity in its revenue stream with the acquisition of a majority stake in e-commerce company, GetPaid Limited.

GetPaid is a cross-border payment gateway designed for the travel industry. The newly formed company is a joint venture operation of iCreate and Mobile Edge, a company iCreate recently acquired as it works to become less dependent on revenue from educational training.

GetPaid’s business model is centred on serving the diverse needs of businesses that want to sell online and service customers. The company focuses on faster payment processes, reducing costs for merchants and cross-border transactions.

The details of iCreate’s latest acquisition have not been disclosed, but in a notice to shareholders on Wednesday, the company said the acquisition is a pivotal part of its turnaround strategy.

iCreate’s year-end results are still pending, but its financials up to September 2021 showed that the company was down 33 per cent year on year in revenue generation to $31.8 million.

Tyrone Wilson, iCreate’s founder and CEO, blamed the fall-off in income on the company’s inability to conduct the physical and hands-on training with the outbreak of the coronavirus.

“These account for 60 per cent of revenues. The company continues to find new ways of earning and we are pleased that our video production division of the company was able to step up during the last quarter and delivered 27.9 per cent of total revenues. This is newly launched and we expect to continue to see growth in the division going into 2022,” Wilson said.

The CEO said, so far, the launch of GetPaid is off to a good start and he’s pleased with the outlook and synergies between iCreate and GetPaid Limited.

The GetPaid Limited Board consists of Tyrone Wilson as Chairman, former Digicel Group Executive Neil Patrick. and Canadian-based entrepreneur Raam Saranathan.

“iCreate has an aggressive M&A strategy as part of our Opportunity Ventures Division that was disclosed at our recently held Annual General Meeting in January. We see GetPaid Limited as an opportunity to tap into new market potential while staying true to our vision, which is to aid in the development in the digital and creative economy,” Wilson said.

Leighton Campbell, President & CEO of GetPaid, added: “We have been working with Tyrone in the capacity of Chairman of our company for the last few years. His understanding and appreciation for the services offered by GetPaid is one that gave us good comfort. We are enabling the expansion of the digital payments and digital communication space and being a part of the iCreate team enables us to achieve this vision at a much faster pace.”

Original Link: https://jamaica.loopnews.com/content/turnaround-strategy-icreate-takes-majority-stake-getpaid