UK-based Parseq, which provides online banking software and outsourcing to the financial sector, has approved a bid from a group of investors led by company chief executive officer, Rami Cassis.

UK-based Parseq, which provides online banking software and outsourcing to the financial sector, has approved a bid from a group of investors led by company chief executive officer, Rami Cassis.

Other parties involved in the deal include Cassis Trustees, Dover Street and Nova Capital GP Investments.

The deal values the AIM-listed business at £33.8 million, following the creation of the company through the reverse takeover of Intelligent Environments by Documentric in 2010.

Speaking on behalf of CNH Bidco, the newly incorporated company formed for the purpose for the acquisition, Cassis comments: ‘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.’

Richard Last, chairman at Parseq, says that as a private company with ‘strong parent’, Parseq will benefit from greater access to funding which will better enable the company to maintain its position in the mobile banking software arena.

The take-private deal represents a premium of 94.6 per cent on the closing price on 19 August, the last business day before news of a possible bid emerged.

In the year since it changed its name Parseq completed the acquisition of Advance Group and Advance Rutherglen for £530,000.