Abu Dhabi, January 7, 2008- Finance House pjsc, UAE's fastest growing finance company, has recently completed what is billed as the first Management Buyout (MBO) in the Dubai Internet City. A partnership with the Management Team of Paramount Computer Systems has enabled Finance House to successfully put together the MBO transaction of this IT security service provider.
Mohammed Alqubaisi, Chairman of Finance House said, “This successful transaction highlights our ability to structure innovative financing solutions that create value for clients and for Finance House”.
"This is a first step, albeit a significant one, for Finance House – our first MBO transaction, our first foray into the Information Technology space. Finance House has demonstrated yet again that it is the destination of choice for clients seeking an aggressive, prompt and innovative financial partner who is willing to work outside the box and bring additional value to the table" he commented.
"Finance House takes pride in contributing to the growth of the UAE economy. The Paramount MBO is testimony to this commitment. More such transactions should follow in due course."
"We are delighted to partner with a dynamic financial institution such as Finance House, which has shown confidence in our business and financial model after a comprehensive due diligence" commented Premchand Kurup, the CEO of Paramount." They share the same kind of values, aspirations and ambitions as us and is committed to our regional growth agenda", he added.
To make this MBO transaction smooth and rewarding, Finance House developed a vigorous assessment plan that included a 6-month long study of the GCC niche IT security market segment as well as opportunities analyses.
"As one of the earliest players in the Information Security space, Paramount has a holistic understanding of the business, a committed and competent team, and a satisfied customer base of marquee names combined with a tremendous product suite and an ambitious growth agenda, making it a very promising investment proposition" explained Ramesh Mahalingam, Chief Investments and Financial Officer, Finance House.
"Our strategic and financial inputs should enable the Paramount Management Team take the company to the next level of size and competence, thereby enhancing value for all stakeholders - customers, employees, suppliers, business partners and shareholders”, he added.