Documetric – technology led outsourcing

Parseq plc announces the acquisition of BPO and Technology specialist, Avance
          

Parseq is pleased to announce that it has agreed terms to acquire the trade and certain assets of Avance Group Limited and Avance Rutherglen Limited (together “Avance”), a business process outsourcing and technology specialist providing solutions in customer relationship management and credit management outsourcing. Avance has also invested in Business Intelligence (BI) technology and services a blue chip utilities and telecoms client base.

The Acquisition will be integrated into the Documetric business and strengthens Parseq’s capabilities in both front and back-office including receivables outsourcing and loan process management. The extra scale will improve the utilisation of the Group’s operational infrastructure which will drive both revenue and profit growth.

Further business synergies include Avance’s Business Intelligence proposition which dovetails into Parseq’s data management and data mining capabilities. Upon integration, this technology is intended to be deployed across the Parseq’s products and services. .The Acquisition also facilitates the potential cross selling of Parseq’s online and mobile solutions into other sectors, including utilities and telecommunications.

Mobile is a key focus for the Group and dovetails with the official launch of our mobile banking platform scheduled for September with the lead platform being the Apple iPhone followed quickly by support for the Android, Blackberry and Windows mobile platforms from which we expect good growth.

Rami Cassis, Parseq’s CEO says:-

“Whilst we remain absolutely focused on delivering upon our mobile proposition, this is a sensible acquisition as it will be earnings enhancing and provides entry into the utilities sector creating a significant opportunity to cross sell our solutions into a new client base whilst leveraging our existing operations.

We have increased the scale of the business dramatically as we pursue our stated strategy of entering new markets and building scale whilst finding new sectors in which to deploy our software and mobile solutions.

Building a solid recurring revenue model predicated on technology is key to the long term growth of the company and I look forward to reporting further progress in due course.”