Approach is thought to have come through Tantalum - a part of Truell’s Disruptive Capital Finance umbrella investment vehicle
Private equity entrepreneur Edi Truell has made an offer for Quindell’s telematic business.
The approach is thought to have come through Tantalum, a part of Truell’s Disruptive Capital Finance umbrella investment vehicle, which is developing car monitoring technology.
Quindell’s telematics operations now form the bulk of the insurance outsourcer’s business, after shareholders on Friday voted to sell the professional services division to Slater and Gordon for £637m.
Following the sale, Quindell will become a much smaller company focusing solely on providing technology.
The main businesses that will be left include, telematics, claims management systems and telematics broker Ingenie – which account for between £60m and £70m of revenue.
In the documents given to investors ahead of the sale, the firm said it was prepared to sell off more noncore assets.
However, Quindell also highlighted its telematics units Himex, iter8 and Ingenie as particularly strong parts of the remaining business, The Telegraph reports.
Quindell has declined to comment.
Spokesmen for Truell have also declined to comment on the takeover interest, which was first reported by the Financial Times.
News reports about the offer from Truell, follow Ingenie’s announcement yesterday, that founder Richard King is set to step down from his role as chief executive of the telematics broker.
He will be replaced by current chief operating officer and Ingenie co-founder Chris McKee in June 2015.