Outsourcer already owns 43% of telematics broker
Quindell is planning to buy the 57% of telematics motor broker Ingenie that it does not already own.
The acquisitive insurance outsourcing firm already owns 43% of Ingenie and has agreed an option to acquire the remaining shares, which it expects to exercise this summer. Founder and chief executive Richard King, chairman Steve Broughton and chief operating officer Chris McKee will remain at the company.
Buying Ingenie will speed up Quindell’s international growth as Ingenie prepares to launch in the United States.
Ingenie will also benefit from Quindell’s development of smartphone apps and self-installable black boxes.
King said: “In just over two years, we’ve built ingenie into a leading insurance brand for young drivers and proved our telematics technology and business model. It’s now the right time to look at an investment from the right partner, as we seek to internationalise the business.”
Quindell chief executive Rob Terry said: “Ingenie have developed a great brand and a compelling business model that aligns with our technology growth strategy. I’m also delighted that the founding members, senior management and brand ambassadors will stay with ingenie - we’re investing in people and expertise as well as products and technology. With this team, we look forward to replicating ingenie’s success internationally.”