The takeover bid for Parseq (AIM: PSQ) by CEO Rami Cassis, backed by Nova Capital Management and Dover Street VII LLP (the close-ended private investment fund controlled by HarbourVest Partners, LLC), has been declared unconditional.
The offer, at 9p per Parseq share, was made via CNH Bidco, a newly-incorporated company formed and controlled by Rami Cassis, Nova and Dover Street. Acceptances from 246,672,233 Parseq Shares, representing approximately 54.13 per cent. of the issued share capital of Parseq, had been received by 1 December 2011.
Parseq provides mobile and online banking software and technology-led outsourcing services to a blue-chip client base including HSBC, Barclaycard and Home Retail Group. In May this year, the company won a major contract with O2 to build, host and manage O2’s new mobile wallet.
Cassis, speaking on behalf of CNH Capital, says: "We believe that Parseq is a business with sound fundamentals and interesting potential. We also believe, however, that this is best unlocked in the context of a focused, private environment with certainty of sizeable funding and a long term outlook. In addition, I’m excited to be working with the Nova team who bring a wealth of experience which will undoubtedly enhance employee and shareholder value in the years to come."
