Paragon Group Scales Business Services Leadership with Parseq Acquisition

Paragon announces its acquisition of Parseq Limited, a UK-based specialist in document, finance, and payment process automation. This strategic investment reinforces Paragon’s standing as a leading player in the business process services (BPS) sector.

Headquartered in Hellaby, South Yorkshire, Parseq brings over 50 years of experience in managing highly regulated and rapidly changing customer requirements. The company provides outsourced services that specialise in workflow and technical solutions for document, financial and payment processing for organisations with strict data and privacy standards. This includes some of the UK’s largest banks, utility providers, local authorities and telecoms operators.

Paragon's strategy includes the creation of additional capability to help meet its clients’ evolving challenges. The acquisition of Parseq is well aligned to this strategy and strengthens Paragon’s product offering through: 

• Enhanced scale – Delivering access to a new and prestigious set of clients and providing an even greater stronghold in the UK BPS market.
• Accelerated innovation – Incorporating Parseq's capabilities, including Robotic Process Automation (RPA) and Machine Learning into Paragon’s existing programme of tech-led innovation.
• Securing critical assets – Obtaining an important patent related to Secure Cheque Encoding, which will provide long-term reliability for our financial services clients.

“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,” said Clem Garvey, CEO of Paragon’s Outsourced Services division.

CEO of Parseq, Craig Naylor-Smith, stated, “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.”

The acquisition involves 354 employees globally. During an interim period, the business will operate with its existing branding before being fully integrated into the Paragon brand.