Consortium to take Gateway Systems forward
A new era is beginning at Gateway Systems Limited following a deal with a consortium of investors.
It is hoped that changes will bring greater international reach for the Hamilton-based company.
After 31 years at the helm, founder and managing director John Kyle is preparing to retire from the IT services and software development company, which has offices on Queen Street.
He has divested his shareholdings in the company to the consortium from Canada, but is staying involved in a new role as sales director during the transition period.
Mr Kyle said: "This is exciting news for Gateway. The consortium’s experience and global network of additional IT resources will help transform Gateway into an international business while improving its service offerings in Bermuda. We believe this transaction will greatly benefit our customers and employees."
During the past three decades Gateway has come up with innovative ways to solve computer and networking problems, providing services to individuals, companies, corporations and government bodies.
Among its successes was introducing the Automated Bermuda Customs system and the Software as a Service model, allowing businesses to do their own HM Customs clearance through an online route. It set up the award-winning Table.bm website, that allows customers to check availability at restaurants across the island and the book online.
Gateway also ran the G-Wiz technology store on Queen Street until it closed in 2018.
Martin Lau, who represents the consortium that is taking Gateway forward, is now chief executive officer of the company.
The consortium are said to be private investors that are focused on investing in technology companies across the globe.
Mr Lau said: "Successful transition is critical to any organisation, and this presents an exciting opportunity to invest in Bermuda.
"We believe Bermuda as a market forms a solid foundation for Gateway to test new products and services such as fintech and leverage this experience to expand internationally. The business and regulatory environments are very encouraging for IT innovation."
Mr Lau has a background that includes insurance, banking and asset management. He has been involved in projects related to IT, including digital transformation and insurtech. His investment partner has tech and IT resources.
Mr Lau told The Royal Gazette: "We want to help Gateway expand in Bermuda, but also expand internationally.
"I worked in Asia for 10 years, so we will be looking to expand there, and in places like Canada or Europe. There are a lot of opportunities to grow."
He said the company aims to expand and was not looking at any layoffs.
He added: "The Bermuda market is still the priority market for us, so we are not looking to offshore jobs or anything like that."
Mr Lau said Bermuda presents a good environment to do business, with Government policies in place that make it easy to set up and try new things.
He said: "If we wanted to do something with cryptocurrencies or whatever, we could pilot it in Bermuda. The regulations are very strong, world-class. With that credibility, you can go to another jurisdiction, like Hong Kong, Canada or elsewhere, and you will have at least piloted and proven it within a regulatory framework.
"Bermuda is a very good place to try different things and to experiment."