The Innovation Group (TIG) will sell MotorCare to France's Groupama for almost £4m, Insurance Times understands.

Sources said TIG was likely to announce the sale to the London Stock Exchange in the next 24 hours.

TIG, formed in 1997 as a claims management group, bought MotorCare in October 2000 to provide a managed e-procurement system.

It is understood Groupama in France will buy MotorCare's French arm for £3.8m.

A spokeswoman for TIG refused to comment. Groupama's French office did not return Insurance Times' calls.

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