Press Release Summary: Cape Town, 20 August 2008 - PIC Solutions, the leading specialist credit risk management consultancy in the Middle East and Africa, has sold ACET Processing to its management via an MBO transaction.
Press Release Body: This move is a significant milestone for both the PIC Solutions and ACET Processing strategies to secure leadership in the rapidly growing credit risk management and outsourced credit processing industries, as well as to increase focus on their core businesses.
A driving factor behind this sale is the significant expansion in business and the rapid growth in operations of PIC Solutions over the past 12 months. PIC Solutions' new structure will place it in a much stronger position to pursue growth opportunities in the credit risk industry. In addition, PIC Solutions will continue to expand their geographical footprint and build new markets through opportunities available in the Africa, Middle East and South Asia markets.
This transaction forms part of PIC Solutions increased focus on developing best practice credit and risk management software. This includes the upgrade of the leading collections system, CollectSmart, and the introduction of two new software solutions for the credit industry, namely AppSmart and ScoreSmart.
Both PIC Solutions and ACET Processing share the same philosophy of providing premium products and exceptional service to their clients and plan to capitalise on this opportunity to increase focus, in order to expand the reach of their companies.
Mike Crawley, Managing Director of ACET Processing, states, "This transaction will enable ACET Processing to focus completely on growing our client base and expanding our service offerings. We will continue to work closely with PIC Solutions and see this event as a major step in ACET's evolution."
Stephen J. Leonard, Chief Executive Officer of PIC Solutions, comments, "ACET Processing has enormous potential for success as an independent company under Mike Crawley's hands-on leadership. This move will enable PIC to effectively capitalise on our core strengths and key growth opportunities as a provider of solutions in consulting, analytics, software and training. This transaction supports these objectives and contributes towards both of our companies goals of maintaining our positions of industry leadership."
About PIC Solutions PIC Solutions is the leading specialist credit risk solutions company in the EMEA region. With offices in Cape Town, Dubai, Johannesburg, Manama and Nairobi, we deliver integrated analytics, consulting and software solutions to over 150 companies in 30+ countries. We work worldwide with organisations to improve performance, drive strategies and enhance profitability. Analytics | Consulting | Software
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