19th May 2015 08:08
LONDON (Alliance News) - Quindell PLC Tuesday said it has issued 4.0 million shares as the final deferred equity consideration for its acquisition of iter8 Inc in 2013.
Quindell's acquisition of software-as-a-service provider iter8 marked its entrance into the US insurance market. It paid an initial GBP2.5 million in cash, a further GBP2.5 million in cash in April 2014, and was to pay the rest by issuing 19.0 million Quindell shares over three years.
Quindell shares were up 0.4% at 127.75 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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