Thursday, August 23, 2018

News: Parseq sells contact centre division

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Business process and technology specialist, Parseq has completed the sale of its contact centre division to focus on its Rotherham-based finance and administration division.

Headquartered at Hellaby, Parseq specialises in mobile and online banking software and technology-led outsourcing services. Every year, it digitises 25 million customer correspondence documents and processes £15 billion of electronic payments.

The company's Finance and Administration arm provides bespoke, technology driven back office solutions to clients operating in the private and public sectors.

Following a successful turnaround of the business, Parseq's contact centre division has been sold to Scotland-based customer services outsourcer, Kura Group for an undisclosed sum.

Parseq was created via a successful £33m reverse takeover by Rami Cassis and Rotherham-based BPO provider, Documetric in 2010. Mr Cassis took the business private in 2012 as a significant shareholder by setting up his own Private Equity fund, Parabellum Capita. Having overseen significant growth Mr Cassis then stepped back from the day-to-day operation of the business and appointed a sub advisory team from another PE firm to manage business operations.

After a period of poor trading, he terminated the sub-advisory team and the Parseq board and returned to an executive role as Chairman and CEO in October 2016. He has since led a successful turnaround of the company from loss-making to £3m profit, with a growing order book of blue-chip clients and an international footprint with partnerships in six continents. Sales have grown consistently over the last two years to £44m in its latest financial year, whilst headcount has grown to around 1,700.

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Parseq said that the sale will allow it to focus on the continued growth of its finance and administration division which will continue to offer a range of solutions to manage and streamline back office processes. It supports a range of clients including FTSE 100 financial services companies, local authorities and energy and utility providers.

Kura said that it has acquired three additional contact centres in Sunderland, Hellaby and Glasgow, making it the UK's largest independent Outsourcer employing around 3,000 people and with sales of £75m.

Rami Cassis, executive chairman and CEO of Parseq and managing partner of Parabellum Capital, said: "The turnaround and sale of Parseq's contact centre division demonstrates the value of investors who can deliver operational knowledge as well as capital. Too many private equity firms lack meaningful management experience, and as a result are failing to maximise the potential of the businesses in which they invest.

"The last five years have helped to shape and focus my strategy on current investments and future acquisitions. Deep domain expertise remains crucial but so does the company you keep in these ventures. My focus remains the acquisition of mid-market firms and corporate disposals in fintech, business services, oilfield services and defence.

"I now look forward to supporting the leadership team to continue Parseq's stellar growth through its finance and administration division, which has secured nine new client wins this year and has a strong sales pipeline up to 2021, whilst remaining focused on developing Parabellum Capital's investment portfolio."

Parseq website
Kura website

Images: Parseq

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