Somerstone Group Invests In Jersey E-Commerce Solutions Provider

by Lisa Ugur, Tax-news.com, London

28 May 2001

PayOffshore.Com, the Jersey-based offshore e-commerce technology provider, recently opened up to a substantial investment from the Somerstone Group, which has already invested in a number of other companies in the Channel Islands.

We spoke to Payffshore's Managing Director, Nobby Martins, who said that Somerstone had taken a "reasonable stake" in PayOffshore via its Pulsar Group of Technologies. Somerstone is a privately-owned group dating back to the 1800's. It originally started out in the field of ship building, later moved into property and has only in the last 10 years or so entered the technology market, setting up its technology group - Pulsar - in the Channel Islands. The group now adds PayOffshore to the four or five other companies providing technology solutions in which it has already invested.

PayOffshore is now able to offer complete technology solutions including co-location, a multi-currency Payment Gateway, web design and secure website hosting. PayOffshore has also developed a number of strategic alliances with key professional firms in such areas as taxation, legal and company administration, telecommunications and banking institutions, to help ensure that clients have access to all of the expertise necessary to effectively implement their offshore e-commerce strategy.

PayOffshore was launched in February 2000 and will retain its existing identity under the Somerstone Group.

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