Doing it right — the ttech story
COMFORT is the preference of anyone for anything they do. However, there comes a time when you have the chance to try something different and do it a different way. While some shy away from anything outside of their comfort zone, there are people we call entrepreneurs who take a leap of faith to do something for the joy of what they do and bringing a great experience to others. Today’s Corporate Profile will explore the story of ttech which was formed to provide a service which was generally absent from the Jamaican landscape.
Edward “Teddy” Alexander was Gracekennedy Limited’s (GK) chief information officer in 2006 where he oversaw the information technology (IT) set-up for the Jamaican conglomerate. He also had the responsibility of re-establishing GK’S USA (United States of America) head office in Florida which included the development of the core food and financial segments, particularly remittance services. He had been at GK since 1988 when he joined as an account manager.
Teddy is the son of former GK chairman and CEO (chief executive officer) Selwyn Carlton Alexander and brother to then GK Chief Risk Officer Uriah Phillip Alexander.
In 2006, GK underwent cost rationalisation where the various departments were asked to find ways to reduce corporate expenses which were deemed too high by their consultants.
However, there was no local firm in Jamaica which catered to outsourced IT services. This was in contrast to the USA where outsourcing companies and remote support services were readily accepted in the digitally accepting society. It was at this time that Teddy convened with GK professionals Gregory Henry, Hugh Allen and Ayrton Salmon on the idea to create an outsourcing company to manage the IT resources for GK. This resulted in the formation of ttech Limited on December 1, 2006 and Teddy leaving his role at the conglomerate.
“ttech was started because I had been in corporate life for 18 to 20 years and I’d seen things that I thought, ‘Is there a different way to run a company’. I have certain philosophies about what I’d like to see in terms of how companies are run, what a company does and so on. In particular, I wanted to see if I could create a company and build around people’s strengths,” Teddy explained to the Jamaica Observer in a recent interview.
GK awarded the firm the contract which Teddy saw as a big deal and memorable moment. This allowed ttech to start approaching other local companies to manage their IT resources at a time when appreciation for IT was still developing.
“Well, the services we focused on was primarily the management of core IT infrastructure ie the network, servers and security systems. Basically, the system that required a fairly high degree of technical knowledge to be able to manage and administer. Knowledge of those systems are things that really didn’t contribute to a company’s business. Knowledge in that infrastructure was really a cost to business rather than a benefit. By outsourcing to us, Gracekennedy was able to reduce the cost of managing those IT assets,” he explained.
The formation of ttech gave the CEO the opportunity to create an environment for the positive development of professionals while serving a steadily growing customer base. This is currently seen through the level of qualifications which ttech’s team members continue to accumulate in the IT space.
“I’m of the view that if I can create an environment that you are allowed or given the opportunity to work in an area that you’re good and strong at, have a passion for it and can spend most of your time working in those areas, I believe that you will excel in whatever you’re doing. It won’t feel like work. If I could create an organisation of teams where people were able to function in those areas, I just think it could be a completely different type of company,” Teddy added.
The company grew slowly over the years with it having five employees in 2007 and reaching 12 employees by 2012. ttech kept adding different services such as a service desk to assist and support end users, PBX (private business exchange) systems for telephone networks for companies and even consulting.
However, there were early lessons which the CEO began to appreciate as he tackled multiple roles in the growing company. While he admitted mistakes along the way, he was grateful to learn the skills needed for certain roles based on his experience managing them.
“Like any organisation, you’ll have your ups and downs during the growth periods. The decision about when was it necessary to bring in new people, bringing in different levels of expertise, decisions about hiring and when to bring on people and give up some of the things that maybe I was doing. In a very small company, you find that the CEO is also the chief HR officer, chief financial officer and as a result, it’s knowing when the time had come to bring somebody else on board and to relieve yourself of those responsibilities,” Teddy said.
While listing on the Jamaica Stock Exchange helped the company to gain more prominence in recent years, ttech decided to list for two reasons. The first was the expected expiration of benefits for companies which were to list on the Junior Market by the incumbent government at the time.
“In 2015, we realised that the benefits associated with listing on the Junior Market of the stock exchange were going to expire in 2016 and there was no indication that these benefits were going to be extended. We thought well, if we are going to list, then let’s do it,” he added.
ttech listed on January 7, 2016 as the first technology company on that market where they raised $50.26 million with all employees becoming shareholders. Employees were able to purchase shares at $0.75 compared to the general public price of $2.50.
“I believe that if you give people an opportunity to own shares in the company, then
I believe that they will work, treat the customers differently and work in a different way. Listing also creates an opportunity for us to provide all the people who were employed at ttech at the time shares in the company. They were able to benefit from that IPO,” Teddy mentioned.
While some of the company’s staff migrated over the years, they still credit ttech as a great foundation to their development. Gregory Henry is now an IT professional with a Canadian Bank while Ayrton Salmon works with Xsomo.
“Personally, it’s moving as you had an impact on these people and seeing it manifest in their lives,” Teddy added on one of his memorable memories.
On March 1, 2018, Teddy stepped down as CEO for Christopher Reckord to take up the role while Teddy became the executive chairman and took over from his brother. This facilitated the opportunity for Reckord to lead the company’s next major developments.
“At last year’s Techcon, one of the sessions we had was on digital transformation and Christopher Berry, the executive chairman of Mayberry Investments, he spoke about why they took the decision to outsource their IT services to ttech and the positive effect it had on Mayberry and how it helped them to get on with their digital transformation journey. It was really great hearing that coming from someone like Chris,” Teddy reflected on the impact the firm has had on local companies in advancing their digital journey.
Other firms which have credited ttech include Island Car Rentals, Garbage Disposal and Sanitation Systems and Fidelity Motors.
ttech has gone six years as a listed company and has seen highs and lows amidst the shifting environment which has been impacted by supply chain disruptions and spike in cyberattacks. However, the company is forging ahead to cater to its clients needs and incoming ones based on the transition to come with the Data Protection Act. The company is also encouraging remote work and has face-toface as needed. This is driven by a focus on outcomes rather than seeing someone physically seated at a desk.
We’re still in early days. We’re coming to the end of our 15th year. We are refocussing heavily around the area of cybersecurity. We are looking at what we need to do get the company operating more efficiently to create more foundation elements for future growth. Our company still has a long runway ahead of it. There are still may growth opportunities for us in Jamaica and we’re now beginning to actively explore opportunities to grow outside of Jamaica particularly in North America. We believe that market is one that will be more readily accepting of outsourced IT services albeit from Jamaica.
When asked what he’d tell other upcoming entrepreneurs about the journey, Teddy said, ““You have to have your vision and really believe in the vision. If you really believe in it, then you can envision it and it is possible to achieve it. Don’t just go out of there with a vision, go there with a plan. There is a saying of luck is when opportunity meets preparation. Before you just embark on a journey because you think you have a good idea, actually sit down, think it through and really do your planning. Why would anyone buy my service and why would anyone do business with me? Work it through and run it by others.”
“I have no regrets about having worked with Gracekennedy. In fact, I dare say having worked with Gracekennedy prepared me in many ways for starting and running ttech. It was after leaving Gracekennedy I realised how much you take for granted when you work in a company like that. The type of resources that are available for you to get things done. All of a sudden when you’re an entrepreneur, you’re on your own doing everything yourself. It’s a different world,” Teddy closed.