Paragon announces the acquisition of CFBS
Paragon, a leading provider of transformational business services, has continued its expansion in Western Europe through the acquisition of Canon France Business Services (CFBS), a subsidiary of Canon Europe in France and a market leader in the Business Process Services (BPS) sector.
CFBS has a culture focused on providing customer satisfaction and is a recognised expert in IT security and process optimisation technologies, incorporating AI solutions. Combining the skills and resources of the two companies will further accelerate the group's development in this area, while offering additional value to existing customers in France.
CFBS employs more than 400 people with clients covering the defence, nuclear, health insurance and banking sectors.
Jeremy Walters, CEO at Paragon, said: “This acquisition consolidates Paragon’s position as a leading business services provider. CFBS have a strong reputation for providing excellent customer service and innovative solutions to their clients. Their solutions complement our business perfectly, and will help us continue our growth journey.”
Guilhem Boucon, CEO of Paragon Western Europe, said: "This deal represents a fantastic opportunity for everyone. In particular, it will enable Paragon to benefit from strong technological input and innovation to improve the end-to-end experience for both our clients and their customers. “Through this acquisition, Paragon has also increased its resilience and added extra layers of contingency for our customers, enabling us to fall back or share the load between several Paragon sites.”
Claude Espinas, Chairman of CFBS and now also Head of Paragon Western Europe's Business Processing Outsourcing (BPO) business line, said: "I am delighted that this deal has been concluded and that the CFBS business is now part of Paragon. The complementary nature of our expertise and the possible synergies with Paragon’s other activities, such as customer communications and document logistics, open up real development prospects for us. This is a perfect illustration of the winning combination of Paragon's business know-how and CFBS's expertise in data security and IT infrastructure.”
This acquisition consolidates Paragon’s position as a leading business services provider.