Fintech Ceverine, which offers AI-driven digital collection services, and debt collection specialist Capital Resolve have announced an agreement to merge businesses.
In a joint statement, the company said that the strategic combination brings together complementary strengths of both companies. Ceverine’s expertise in machine-learning, automation and digital collections with Capital Resolve’s established history, credentials and proven capabilities in both non-regulated and regulated collections.
The transaction has received the approval of the Financial Conduct Authority as well as the companies’ key clients and stakeholders. Capital Resolve will consolidate capabilities of both companies and continue to operate as an independent entity now fully owned by Ceverine. It will continue to provide regulated and non-regulated debt collection and recovery services. Following the Transaction, Ceverine will remain as a holding company as well as a technology centre of excellence and will not provide any debt collection services.
Bernie Phillips has become a significant shareholder in Ceverine alongside Ceverine’s other shareholders. Phillips will continue to serve as Managing Director of Capital Resolve whilst Mehmet Akseki will take the role of Group Chairman and oversee corporate strategy and digital transformation.
The transaction will result in the enhancements in the digital and analytical capabilities of Capital Resolve, while allowing the company to provide a diverse and comprehensive range of products/services, including first party and third party digital only, digital-first and true omni-channel debt resolution services, catering to a broad customer base.
Commenting on the merger, Ceverine’s CEO, Mehmet Akseki, said: “This Transaction represents the perfect fusion of tech-driven services and sure-footed execution. Ceverine’s ML-driven analytical capabilities as well as our capabilities in automation and digital delivery and our quality investor base will complement Capital Resolve’s outstanding management team, its long history of performance and its portfolio of high-profile clients.”
Capital Resolve’s Managing Director, Bernie Phillips, said “We are extremely delighted to have completed this business combination with Ceverine. The combined strengths of Capital Resolve and Ceverine will provide us with exciting opportunities that will be supported by cutting edge digital transformation. This will bring significant benefits to all stakeholders including our existing employees, clients and our community.”