News: Parseq plc acquires Avance

Parseq plc has announced the acquisition of Avance, a business process outsourcing (BPO) and technology specialist providing solutions in customer relationship management and credit management outsourcing.

Parseq was created earlier this year following a successful reverse takeover by Rami Cassis and Rotherham-based BPO provider Documetric.

The acquisition of Avance will be integrated into the Documetric business and strengthens Parseq's capabilities in both front and back-office including receivables outsourcing and loan process management.

The extra scale will improve the utilisation of the Group's operational infrastructure which will drive both revenue and profit growth.

Further business synergies include Avance's Business Intelligence proposition which dovetails into Parseq's data management and data mining capabilities. Upon integration, this technology is intended to be deployed across the Parseq's products and services.

A key focus for Parseq is growing the company's mobile banking business and an official launch of their mobile banking platform is scheduled for September with the lead platform being the Apple iPhone followed quickly by support for the Android, Blackberry and Windows mobile platforms.

Rami Cassis, CEO of Parseq said: "Whilst we remain absolutely focused on delivering upon our mobile proposition, this is a sensible acquisition as it will be earnings enhancing and provides entry into the utilities sector creating a significant opportunity to cross sell our solutions into a new client base whilst leveraging our existing operations.

"We have increased the scale of the business dramatically as we pursue our stated strategy of entering new markets and building scale whilst finding new sectors in which to deploy our software and mobile solutions.

"Building a solid recurring revenue model predicated on technology is key to the long term growth of the company and I look forward to reporting further progress in due course.

Parseq website

Images: parseqplc.com