Terry in management comeback as he plans for flotation
Quindell founder Rob Terry is making a comeback with plans to launch a billion pound company.
Terry had stepped down from management roles last year, but the controversial entrepreneur has returned as executive chairman in his majority-owned business OS3.
Terry plans to eventually list OS3 on the stock market as a ’high growth, digitally disruptive technology based business’ targeting a £1bn+ valulation’.
Latest filed accounts revealed the firm had adjusted EBITDA of £3.5m last year, with profit before tax posted at a £10.9m loss.
The firm has total shareholders equity of £13m compared to £18m in 2018.
Terry plans to expand into North America, launching a stock marketing listing there.
According to the company website, OS3 is a technology platform used by companies in telecoms, connected health and insurance claims.
Companies used the Software as a Service (SasS) toolkit and then pay either on per transaction, a profit share or price per user.
Terry is confident that SaaS solutions are on the rise post-pandemic, with his firm poised to benefit.
Terry said in the chairman’s opening briefing: ”I shall remain executive chairman. In this role, amongst my other duties, I will directly ensure that all future product development proceeds at a pace to optimise our solutions for the new world model.”
Terry left Quindell in 2014 after revelations revealed that he had offloaded AIM shares in an opaque scheme.
Quindell’s auditing company KPMG was fined £3.2m by the Financial Reporting Council (FRC) for its wrongdoing during the audit of Quindell.
Watchstone, formerly known as Quindell, is suing PwC for £63m, claiming it lost out on that money due to a PWC business leak when Slater and Gordon snapped up Quindell for £637m.