Our CEO, Rami Cassis, marked the sale of Parseq to global business services provider Paragon Group, ending a holding period that began with a 15-person carve-out in 2007.
Parabellum has sold Hellaby-based Parseq, which provides outsourced workflow and technical solutions for document, financial and payment processing organisations, to Paragon Group. Terms were not disclosed.
Parabellum acquired its majority stake in 2007 when the business had a 15-person team; it now employs over 300 people and is one of South Yorkshire’s largest employers. Parseq also served as the primary data services provider for the 2021 UK Census.
The back-office and payments operation being sold has grown from £11m to £25m in revenue over the last three years. The deal gives that operation a platform to scale internationally through Paragon’s network.
Rami, who served as chairman throughout, said it is ‘remarkable to see how the company has transformed’, and that being part of its journey has been a privilege. CEO Craig Naylor-Smith said the combination allows Parseq to take its services onto a global stage.
Read the full article at London Loves Business here.
Feature image courtesy of Andrew Brookes via Avalon.
