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Prime buy for Parity

Technology and software services company, Parity Group, has bought a London-based IT agency, Prime Selection, for £5.9m.

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The deal, which was announced last week, is intended to strengthen the position of Parity's IT recruitment and resourcing division in the City financial and media markets. "This is an excellent move for Parity Software Services," commented Rick Bacon, managing director of the division. "Prime fits perfectly with our business, complementing our existing skills and bringing with it a number of important blue chip clients."

Prime was established in 1984 and operates mainly in the finance, media and legal sectors. It currently places consultants in the areas of new technology, client/server and IBM mid-range, and has a permanent recruitment business as well.

Prime chairman, Chris Morrow, said he believed the deal with Parity would provide the company with the "resources and international base" it required to fulfil its potential. "It's also a good development for Prime's clients, giving them access to a broader range of skills and services, and for Prime's staff, who will have greater opportunities within the enlarged group," he added.

Under the deal, Morrow will become non-executive chairman of Prime, and the agency's staff will report to Dave Pye, chief operating officer at Parity Resources. No immediate name change is planned for the business, however over time it is expected that Prime's permanent division will become part of Parity Selection, and its consultant arm part of Parity Resources.


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