The GraceKennedy (GK) Group has announced that it has entered into an agreement with entrepreneur and information technologist Larren Peart to make a private equity investment in Bluedot.
Bluedot was founded by Peart in 2016 and is a full-service research and data intelligence consultancy, which uses data collection and analytics to inform business insights and decision-making.
Commenting on the latest move by GK, Group CEO Don Wehby explained, “Our private equity investment in Bluedot will lay the foundation for it to become the Caribbean’s leading strategic insights consultancy.”
Larren will continue as Bluedot’s managing director and will be exclusively responsible for day-to-day operations and developing the company’s strategy.
Wehby said GK will not be directly involved in the management of Bluedot.
Wehby added: “We have a view to possibly take Bluedot to market in the long term, provided certain criteria are in place. Larren’s drive and entrepreneurial spirit have impressed us, and we are confident that he and the Bluedot team have what it takes to take the business to the next level.”
GK said the new injection of capital would allow Bluedot to continue to leverage its extensive market research and data science expertise to support clients across the region. Bluedot’s mission is to support clients in making better decisions with data.
For his part, Peart said: “This is an exciting new chapter for Bluedot, and I am proud to be leading our team during this new phase.
“Data is driving the future of business, and we are looking forward to growing and expanding Bluedot into new markets with the latest in data intelligence technologies.
“We have always prided ourselves on bringing a unique service offering to the regional marketing industry, and this latest vote of confidence from GK will only improve our capabilities to serve our clients even better.”
According to a release from GK, Peart — who is known for his innovative and disruptive thinking for over a decade — has led the execution of research assignments for several major regional and international brands.
More recently, he has also lent his technical expertise to the Jamaican government through his participation in the New Economy Taskforce, to help steer the country’s technological recovery from the pandemic, according to the release.
Wehby said: “Data is one of the most valuable resources of our modern digital age. We have all witnessed the way that the COVID-19 pandemic has accelerated digitalisation around the world, resulting in businesses becoming increasingly data-driven.
“We consider this space a prime area for investment. Larren and Bluedot are well placed in the market, and they have established a solid track record and reputation for delivering services that meet the needs of the modern business.
“The Bluedot team already has such excellent credentials, and we are looking forward to even more great things from them, as their business continues to evolve in Jamaica and across the region.”