Taylor Wessing advises Intelligent Environments Group on its £30m reverse takeover of Documetric to form Parseq plc.

23-Jul-2010  |  Capital Markets, Financial Institutions & Services, Technology, Media & Telecoms


Taylor Wessing has advised AIM quoted online financial services software provider Intelligent Environments Group plc on its £30m sale to Documetric Limited by way of reverse merger.  Documetric is a provider of technology-led outsourcing services in finance and administration including payments processing, content management and business intelligence.

Under the AIM Rules the acquisition is classified as a reverse takeover. Following the combination of the two businesses the company has changed its name to Parseq plc, a strong new business with significant scale and capability providing a complete end-to-end service in the growing Business Process Outsourcing market.

Intelligent Environments Group plc also completed a placing, raising gross proceeds of approximately £4.5million The net proceeds of the placing will be used, inter alia, as working capital for the enlarged group and to provide the resources to allow the enlarged group to increase its market share in the BPO and self-service banking market though complementary acquisitions and organic growth.

Head of the Financial Institutions and Markets group, Tim Stocks, led the Taylor Wessing team advising Intelligent Environments Group plc with assistance from associates Kathryn Tarbutt and Guy Morgan.

Stocks says:

"We are very pleased to have worked with the board on Intelligent Environments Group plc on the execution of this key element of the group’s strategic plan.  This transaction consolidates Taylor Wessing’s position as the leading law firm in the technology sector having advised in June alone on public company deals worth over £100m."

Ends

Lawyers Tim Stocks, Kathryn Tarbutt, Guy Morgan

 

Notes to editors

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