Financial outsourcing specialist Documetric is reversing into AIM-quoted software supplier Intelligent Environments in a £13.8 million deal.
Financial outsourcing specialist Documetric is reversing into AIM-quoted software supplier Intelligent Environments (IE) in a £13.8 million deal.
Surrey-based IE, which recently raised £4.5 million at 7p, is issuing shares to stakeholders in Documetric, a private company providing back-office services to the financial sector and operating one of Britain’s ten largest Bacs payment centres.
If the deal goes through, it will put a value of £123.8 million on Documetric and more than double the size of out-of-favour IE, whose pre-tax profits fell 37 per cent last year to £862,451 after a £1.5 million project cancellation. Rami Cassis, head of Documetric, which made a £1.8 million pre-tax profit in 2009 on £10.2 million turnover, will become head of the combined group, which will be renamed Parseq.
Clive Richards, IE’s chairman, will be non-executive deputy chairman of the new company and argues that the deal will create ‘a financially strong new entity, with comprehensive outsourcing solutions, scale and market presence’. IE, which focuses on services to online and mobile banking clients, decided last year that it needed partners to achieve its growth targets.
