26th Oct 2006 07:01
Homeserve Plc26 October 2006 Homeserve Acquires Digital Insurance Services Limited Homeserve plc today announces the acquisition of Digital Insurance ServicesLimited ('DIS') for initial consideration of £3.0 million on a debt free cashfree basis. Further performance-related cash consideration of up to £1.0 millionis payable in 2007 and up to £8.0 million in 2009 based on future operatingprofit achieved. DIS is a leading provider of home insurance contents claims validation andfulfilment services. DIS currently has contractual arrangements with eightleading household insurers and operates from Great Yarmouth with 45 employees.At 30th April 2006 DIS had gross assets of £0.5 million and in the year ended30th April 2006 was breakeven on reported turnover of £3.5 million. The acquisition of DIS represents a strategic move by Homeserve into the homeinsurance contents claim validation market allowing it to extend its offering toinsurers to include contents validation services. Ian Carlisle, CEO of Homeserve Emergency Services commented: "The acquisition of DIS provides Homeserve with a unique capability to offer ourUK insurer customers a market leading contents validation service which,combined with our Emergency Repair multi-trade businesses, provides a completesolution for all household repair and contents claims." 26 October 2006 Enquiries: Homeserve plcAndrew Belk, Group Finance DirectorBrian Whitty, Chairman Tel: 01922 427903 TulchanAndrew HonnorStephen Malthouse Tel: 020 7353 4200 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HSV.L