Insurance outsourcing firm invests in telematics software company Himex
Quindell, the insurance outsourcing company, has taken a 19% stake in US-based telematics software company Himex.
Himex is a privately owned company with headquarters in Arizona and has developed a number of telematics software applications since the company was founded in 2010.
Quindell has also been appointed Himex’s sole and exclusive distributor of Himex’s telematics products in the UK, Canada, Brazil and across South America. It has been working to implement a support service centre in Canada.
In a statement, Quindell said: “Himex will use the investment to accelerate growth in its transaction subscription model – already generating revenues in combination with other services of over $400,000 per month – from a relatively small subscription base over the next five years to over 10 million users.”
In the first half of 2013, Quindell recorded a profit before tax of £43.5m, up from £29m from the second half of 2012, and more than the £41.2m the company recorded for the 2012 full year.
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