Aquilo has acquired ITS, a provider of valuation, replacement and repair services of IT equipment to the insurance industry, for £1.5m.
The company said that ITS will form an integral part of Aquilo's property claims services and will broaden the existing supply chain services offered by Aquilo.
The controlling shareholder of ITS, Adam Caulfield, will join Aquilo as joint managing director of ITS.
In the last full year of trading (the year ended 31 July, 2005) ITS had a turnover of £11.6m, a gross profit of £1.973m and a pre-tax profit of £0.07m.
The acquisition is expected to increase the speed with which Aquilo returns to profitability.
Clive Nicholls, Aquilo CEO said: "The combination of this acquisition and the impact of new customer growth in our existing motor and property claims businesses should result in Aquilo becoming profitable and cash flow positive after charging the investment costs in starting up Aquilo Inspection & Reinstatement Services Limited".
