Parseq chief’s move to buy group

THE chief executive of outsourcing group Parseq is leading an attempt to buy the company, little over a year after he took it to the stock market.
By The Newsroom
Published 23rd Aug 2011, 12:08 BST

Parseq yesterday revealed it has received an approach from a potential offerer led by Rami Cassis.

“These discussions are at an early stage and there can be no certainty that an offer will be forthcoming,” said Parseq.

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Shares in the company surged 30 per cent yesterday to close at 6p, valuing the company at £26.2m.

Parseq, which is registered in London, has a major base in Rotherham where its Documetric subsidiary is based.

Mr Cassis founded Documetric in 2007 and after three years of rapid growth listed it on the Alternative Investment Market through a reverse takeover of Intelligent Environments Group. The enlarged business was renamed Parseq.

Mr Cassis, a former oil services engineer and KPMG consultant, last night declined to comment. Along with his family’s trust he owns 35.5 per cent of Parseq.

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Parseq, which as Documetric started off as a loss-making business with about 15 clients, is now a leading UK payment processor.

Intelligent Environments joined AIM in 1996 and provides software and services to the online and mobile banking market. In June Parseq launched a data-hosting centre on a 10,000 square feet site at its Hellaby, Rotherham base.

Related topics:RotherhamLondon