London market IT provider Room Solutions is eyeing markets in Bermuda and the US following the sale of a majority stake in the business to Indian company NIIT Technologies.
Marcus Broome, Room Solutions' chief executive said: "We see Bermuda and the US as key areas for growth and NIIT offered real synergy." He would not reveal the size of NIIT's shareholding.
He added: "It gives us access to new markets. NIIT has no competing business at all."
Within general insurance, NIIT is focused on business process management.
Broome said there would be no job cuts as a result of the deal and Room had plans to recruit more staff, which would be unaffected by the deal.
Room started to look for an investor last summer and set up a mechanism to investigate the market, called Project Richmond. Broome denied rumours that another Indian IT company, Tata, had been a potential suitor.
Last June, Room recorded an operating loss of £1m in its year-end results caused by the development of a new Lloyd's market product. Broome said future results were "developing strongly".
This September, Room will move from its Gracechurch Street offices in the City because the company's lease is up.
Broome said new premises would be found in the same vicinity.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
