Paragon Group has acquired Parseq Limited, a UK-based specialist in document, finance, and payment process automation, in a deal the buyer described as a strategic investment to bolster its position in business process services. Parseq, headquartered in Hellaby, South Yorkshire, brings more than 50 years of experience providing outsourced workflow and technical solutions for highly regulated organizations with strict data and privacy requirements, including major UK banks, utilities, local authorities, and telecom operators.
Paragon said the acquisition aligns with its strategy of adding capabilities to meet evolving client needs and is intended to strengthen its offering in three areas: expanding scale through access to a new client base and a deeper UK foothold, accelerating innovation by incorporating Parseq’s robotic process automation and machine learning capabilities into Paragon’s technology program, and securing a patent related to Secure Cheque Encoding to support long-term reliability for financial services clients.
The transaction includes 354 employees globally. Parseq will operate under its existing branding during an interim period before full integration into the Paragon brand. Paragon said it operates primarily across the UK, Ireland, Luxembourg, Belgium, the Netherlands, DACHE, CCE, and Western Europe, and noted that it is wholly owned by Grenadier Holdings, which it described as having €1.7 billion in annual sales and more than 9,000 employees across 30-plus countries through its investment companies. Parseq said it processes more than £36 billion in payments and digitizes 70 million documents annually for more than 75 international clients, including the UK’s top ten banks.
KEY QUOTES:
“Parseq’s capabilities, talented teams and exciting plans are significantly complementary to Paragon’s strategy. Through this acquisition, we are welcoming a team of committed and talented people into our high-performing culture and we look forward to the promising conversations we can have with our new and existing clients about the value we can deliver as a result. I extend a warm welcome to our new colleagues,”
Clem Garvey, CEO, Outsourced Services Division, Paragon
“Joining Paragon is a significant milestone that directly benefits our clients. By combining our strengths, we’re able to scale our back-office and payment solutions onto a global stage. This isn’t just about growth; it’s about giving our clients the international reach they need without ever compromising on the rigorous security and service standards they’ve come to expect from Parseq.”
Craig Naylor-Smith, CEO, Parseq
