News: Parseq outlines strategy following merger

Documetric, the technology-led outsourcing provider based in Rotherham, and IE, the provider of online and mobile software for financial providers and their customers, have announced their strategy for providing multi-channel banking solutions following the recent merger of the two companies.

Following a successful reverse takeover by Rami Cassis and Documetric, the new holding company, Parseq plc, will provide banks with a multi-channel service for payments, applications processing, customer servicing and data analytics.

A key focus for Parseq will be growing the company's mobile banking business. IE's mobile banking solution already has a competitive advantage in the market thanks to the company's long track record of delivering secure applications to financial services clients and its flexible platform that allows key branding differential between banks.

The additional outsourcing services provided by Documetric means that Parseq will be able to provide a fully managed mobile banking solution to financial institutions, including call centre support for banks' customers. This will allow financial institutions to rapidly deploy mobile banking alongside more established channels without having to build up internal capability.

Documetric's call centre skills and the expertise of their technical help desk at Hellaby was instrumental in migrating more than five thousand Royal Bank of Scotland Group customers to the bank's new range of online banking products. Documetric has been providing services to the group and their customers for more than 20 years.

Rami Cassis, Parseq CEO, said: "In a nutshell, uniting Documetric and IE provides us with a complete end-to-end offering for the financial services market.

"Parseq will offer expertise and established product infrastructures to companies that want to outsource the management of multiple, complementary channels from mobile and telephone, to online transaction support services.

"Our increased scale will enable us to offer complementary front-office capabilities in mobile and online banking with middle and back office delivery."

Phillip Blundell, IE's CEO, added: "As financial institutions look to operate more efficiently, Parseq will enable customers to streamline the number of partners they require to service multiple communications channels, including the emerging mobile channel.

"By providing a complete end-to-end service, clients will ultimately be better placed to meet the needs of today's customer and improve overall loyalty."

The merger saw Maven Capital Partners complete a successful exit on behalf of Capital for Enterprise (CfE) Fund A. The £75m CfE Fund is a Government backed initiative launched in 2009 to help small to medium sized enterprises (SMEs) gain access to the financial support required to bridge the funding gap caused by the credit crisis.

Documetric secured a £2m investment from the fund in 2009 to support the growth of the business by providing funding for new IT systems alongside additional working capital.

The exit generated an internal rate of return of 19% for the fund.

Parseq website

Images: parseqplc.com