Wednesday, August 24, 2011

News: Cassis prepares Parseq MBO


Rami Cassis, CEO of Parseq, has approached his own company regarding a possible management buyout.

Parseq, which specialises in mobile and online banking software and technology-led outsourcing services, was created last year following a successful reverse takeover by Rami Cassis and Rotherham-based BPO provider, Documetric.

Following a recent rise in its share price, the company issued a statement to the stock exchange, confirming that it had received an approach from a potential offeror led by Rami Cassis.

They added: "These discussions are at an early stage and there can be no certainty that an offer will be forthcoming. The company, which is being advised by Canaccord Genuity Limited, will make a further announcement when appropriate."

Last year, Hellaby-based BPO provider, Documetric, completed a reverse takeover of Intelligent Environments Group plc, an AIM-listed provider of online software products for the finance sector. At the same time, £4.5m was raised as part of the deal through an issue of shares. The new group, renamed Parseq, joined the AIM with a market capitalisation of £30.6m.

Cassis founded Documetric in 2007 through a management buy-out of the data services division of Atos Origin, a leading European IT outsourcer. The Rotherham facility processes up to 30,000 envelopes every day and utilises a range of cheque processing and scanning machines to process payments. They are one of the ten largest BACS Bureaux in the UK and process 47 million transactions a year.

For the year ended December 2010, Paresq's revenue was £16.45m, an increase of 62% on 2009 (£10.17m) and a world away from a modest £1.8m in annual revenues in 2007.

the company recently added O2 as a major strategic customer for their mobile banking product and in the BPO function, secured a new three-year contract with HBOS and the renewal of contracts with Lloyds and RBS. The company also launched a new hosting and managed services proposition to commercialise its Hellaby data centre facility.

In a trading update for the six month period ended June 30, the group reported that total revenues for the half year on a proforma basis are expected to increase by 56%, compared to the corresponding period last year, to £12m. Group profits for the six month period are expected to double to reach £1m.

Parseq website



Supported by:
More news...

  © Blogger template Newspaper III by 2008

Back to TOP