Monday, September 19, 2011

News: Cassis puts forward Parseq bid


Rami Cassis, CEO of Parseq, has submitted a bid to 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.

In an announcement to the stock exchange, the Parseq board stated that an approach has been received from Rami Cassis together with Nova Capital and funds managed by HarbourVest Partners, LLC through a newly incorporated entity called Bidco.

They added that the bid is likely to be solely in cash and the indicative offer price is 7.5 pence per ordinary share. This values the company at £32m.

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

The share price has been trading at around 4.5p per share but reached 9p on the back of large contract wins for the mobile banking arm of the group.

The statement added that discussions are still at a relatively early stage and the making of any offer is subject to the satisfactory completion of the due diligence exercise currently being undertaken by Bidco.

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 at Hellaby 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.

Parseq website



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