6th Sep 2013 08:17
LONDON (Alliance News) - Charles Taylor PLC Friday said it acquired insurance-business services provider KnowledgeCenter in a deal that could be worth up to GBP7.1 million.
Charles Taylor, which provides outsourced claims, broker and underwriting services to Lloyd's of London and global insurance markets, said it acquired the business and assets of KnowledgeCenter from KnowledgeCenter Limited, because it will add to the technology and software services it already provides to the insurance industry.
Charles Taylor will pay an initial GBP1.9 million for the insurance services business, though the figure could rise to GBP7.1 million if profit growth targets are met. The initial payment is made of cash and retention of some business assets, while further payments towards the GBP7.1 million maximum may be paid in cash or shares.
"KnowledgeCenter is an excellent strategic fit with our Insurance support services business. The acquisition allows us to enhance our existing technology platform with KnowledgeCenter's highly regarded knowledge management and workflow products and tailored insurance solutions," David Marock, chief executive, said in a statement.
Charles Taylor reported strong first-half results on August 30, with revenue increases driving a 17% increase in pretax profits to GBP4.1 million.
Charles Taylor's shares were quoted Friday at 191.20 pence per share, up 8.20 pence, or 4.5%.
By Samuel Agini; [email protected]; @samuelagini
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