Tuesday, December 13, 2011

News: Parseq deal nears completion


The MBO for Parseq led by CEO, Rami Cassis, is nearly complete after the bidders announced that they had secured 93.15% of the voting rights for the AIM-listed company.

Parseq, which specialises in mobile and online banking software and technology-led outsourcing services, was created in a a successful reverse takeover by Rami Cassis and Rotherham-based BPO provider, Documetric in 2010.

After an initial bid of 7.5p per share was turned down, the Parseq board reached an agreement on the terms of an improved cash offer of 9p per share in October.

The bid from Rami Cassis is together with Nova Capital and funds managed by HarbourVest Partners, LLC through a newly incorporated entity called Bidco.

Last month the offer became unconditional when Bidco secured over 50% of the voting rights and now they intend to acquire compulsorily the remaining Parseq shares and de-list the company from the stock market.

The bid document stated that it was the intention to re-register it as a private company in order to achieve substantial investment to fully develop its prospects for growth and expansion.

Bidco also stated that it has no current intention to redeploy any of the fixed assets of Parseq and has no current intention to change the location of the Parseq Group's operational places of business.

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.

A state of the art data centre opened at Hellaby this 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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