Digital training institute, iCreate is making a “game changing” move with the acquisition of digital outdoor advertising company, Visual Vibe.

Founder and CEO of iCreate, Tyrone Wilson broke the news exclusively on Taking Stock with Kalilah Reynolds on Tuesday.

According to Wilson, iCreate will acquire 100% of Visual Vibe Limited, which is one of the largest digital outdoor advertising companies in Jamaica.

“We are very excited about this because this is going to change iCreate. It is a game changer. It is helping to fulfil our vision and mission of becoming a creative group of companies,” Wilson said.

Visual Vibe is the company behind several of the country’s digital billboards. The boards are set in central locations, such as the one in Half-Way Tree, St Andrew, where hundreds of Jamaicans gather during the Olympics to watch the events. 

The company, which has been in operation for over 15 years, has several other digital billboards islandwide.

Although Wilson did not disclose the acquisition cost, he noted that the company intends to carry out a rights issue to fund the purchase. 

In a rights issue, companies offer existing shareholders the opportunity to purchase additional shares at a discounted price. 

The CEO said that the company is moving “very aggressively” to secure the deal as he believes the new company will add “significant value” to iCreate. 

“The revenue is phenomenal, even throughout COVID it didn’t really decline and it’s extremely profitable,” he said.

Although he was unable to divulge specifics, Wilson said that Visual Vibe’s profit margins are above 35%. 

Investors can expect to see more details about the rights issue as early as next week. 

Following the announcement iCreate’s stock price climbed 18% to close Wednesday at $4.62.

Wilson said that the acquisition is another step in turning the company’s fortunes around after struggling for several years. 

At its core, iCreate is a creative and digital training institute aimed at filling the gap in skills-based training. The company offers various courses ranging from ecommerce to digital marketing essentials. 

However, as Wilson noted, the company has faced setbacks in the three years since it listed on the Junior Market of the Jamaica Stock Exchange. 

“We’ve had lots of ups and downs since we listed in 2019. The company has struggled to find its footing. We’ve had a number of turnover in terms of our management team and our board,” he said.

“But we stuck to it, focussed on the vision for the company. Then COVID-19 came and it put us in a position where we had to reposition,” he added.

“Where we are right now as a company, is pretty much where we always intended to be in terms of the initiatives and plans that we had behind the scenes,” he said. 

The Founder said the company has had time to refocus on its main objective of becoming a creative group of companies, and the acquisition of Visual Vibes will begin them that much closer.

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