19th Sep 2013 08:27
LONDON (Alliance News) - Quindell Portfolio PLC Thursday said that it had won a contract with the Insurance Broker Association of Ontario to provide technology for its telematics initiatives. The contract is valued at over CAD6 million by the end of 2014, and is on an exclusive basis for a minimum of five years.
Quindell said that the contract implied more than CAD20 million in technology revenues over the five year contract term, and was the first of several contracts for telematics it expects to announce by the end of the year.
In addition, Quindell also announced Thursday that it had increased its investment in ingenie Limited to 43%, and that it had also acquired a 40% interest in its two newly formed subsidiaries ingenie UK Limited and ingenie Canada Incorporated to help drive the expansion of its telematics insurance in Canada and the UK.
Quindell increased its stake in ingenie from 19% to around 43% by issuing 71,642,850 shares at a value of 17.5 pence each. It acquired 40% of the two new businesses directly, for which it paid GBP4 million in cash.
Shares in the software and consulting services company were trading up 3% at 17.00 pence early Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Quindell