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Parseq Directors Approve Takeover Bid

The U.K. online banking software vendor backs a proposal by CEO Rami Cassis to take ownership control of the company.

The board of directors for U.K.-based Parseq, an online banking software specialist and provider of financial sector outsourcing services, have backed a takeover bid from a group led by the company's CEO, Rami Cassis.

The takeover offer, for 33.8 million pounds, from Cassis and his partners Nova Capital HarbourVest Partners was accepted by the tech vendor's independent directors Richard Last, Phillip Blundell, Clive Richards and Simon Rubin. Cassis already owns 35.5 percent of Parseq.

"As a private company with a strong parent, Parseq will benefit from greater access to funding which will better enable the company to maintain its leading position in the mobile banking software arena and to capitalise on opportunities on a global basis," said Last in a prepared statement.

Parseq was created last year after the reverse takeover of Intelligent Environments by Documetric, which was founded in 2007 by Cassis through the management buyout of the data services bureau of IT outsourcer Atos Origin.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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