Glasgow, Scotland, Aug 22, 2018 -- Scotland-based customer services outsourcer, Kura Group, has bought the contact centre division of Parseq, the international business process outsourcing firm.
The terms of the sale, which follows a successful turnaround of the business led by its Executive Chairman and CEO Rami Cassis, are undisclosed, but the deal creates significant value for shareholders.
Parseq’s Finance and Administration division, which is Parseq’s historic core business, will continue to operate from its existing site at Hellaby, Yorkshire.
Parseq was originally founded by Mr Cassis as Documetric in 2007, following the buyout of Atos Origin’s payment processing division where he was Managing Director.
In 2010, following a string of acquisitions, it acquired AIM-listed business software group Intelligent Environments Group in a reverse takeover. Mr, Cassis subsequently took the business private in 2012 as a significant shareholder by setting up his own Private Equity fund. Having overseen significant growth Mr Cassis then stepped back from the day-to-day operation of the business and appointed a sub advisory team from another PE firm to manage business operations.
After a period of poor trading, he terminated the sub-advisory team and the Parseq board and returned to an executive role as Chairman and CEO in October 2016.
The sale will allow Parseq to focus on the continued growth of its Finance & Administration division, which will continue to offer a range of solutions to manage and streamline back office processes.
Commenting on the sale, Rami Cassis, Executive Chairman and CEO of Parseq and Managing Partner of Parabellum Capital, said: "The turnaround and sale of Parseq’s contact centre division demonstrates the value of investors who can deliver operational knowledge as well as capital. Too many private equity firms lack meaningful management experience, and as a result are failing to maximise the potential of the businesses in which they invest.
"The last 5 years have helped to shape and focus my strategy on current investments and future acquisitions. Deep domain expertise remains crucial but so does the company you keep in these ventures. My focus remains the acquisition of mid-market firms & corporate disposals in fintech, business services, oilfield services & defence.
"I now look forward to supporting the leadership team to continue Parseq’s stellar growth through its Finance and Administration division, which has secured nine new client wins this year and has a strong sales pipeline up to 2021, whilst remaining focused on developing Parabellum Capital’s investment portfolio."
Posted by Veronica Silva Cusi, news correspondent
RESPONSE is a customer contact centre and business process outsourcer, providing services for a number of the UK’s most successful brands. With over 2,200 employees across three locations, we manage over 1.8million customer interactions each month on behalf of our clients. Our Software Solutions Team create products that not only assist us to differentiate our own contact centre capabilities but also provide support for other organisations in meeting their own customer contact objectives. RESPONSE is more than just an outsourcer. We focus on building rewarding relationships with our people, our clients and their customers.
Parseq offers services that cover the full range of Contact Centre Operations, through to a full suite of Finance and Administration processing.
Published: Thursday, August 23, 2018
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