Parity pushes into US market

Parity, one of the UK's leading providers of information technology services, is making its first push into the US market by buying two complementary American companies.

The London-based company will pay pounds 21.6m to buy TelTech and Personal Solutions, two family-owned businesses located in New York. A further pounds 3m will be paid depending on the businesses performance in the next two years.

Jonathan Gross, president of TelTech, will stay at the helm of his company while selling his majority stake.

Parity said yesterday that the acquisitions would give it the opportunity to grow in the US organically. Further local acquisitions were also a possibility.

Philip Swinstead, Parity's chairman, said: "We have been carefully preparing for this move and TelTech provides the stable, long-established base that we have been seeking.''

He added that Parity and TelTech had the same approach to their businesses, combining permanent employees with freelance or temporary staff. Parity has 1,000 full-time staff and 2,500 part-time employees. TelTech has a workforce of 460.

Parity will raise pounds 26.9m on the stock market to pay for the deal. Shares rose to 595p, up 17.5p on the day.