iSaaS Technology sold for £1.34m
CLOUD software as a service provider iSaaS Technology has been bought by Quindell Portfolio for £1.34m plus 1% of Quindell group shares.
iSaaS, which provides services to the medico-legal and legal services industries both in the UK and overseas, has offices in Leeds, Bradford, Bolton and Manchester, and has a forecast turnover of £500,000 with pre-tax profits of £400,000.
Quindell Portfolio, a provider of software, consultancy and technology enabled outsourcing services for the insurance and telecoms sectors, said the acquisition will be earnings enhancing in the current year.
The terms of the acquisition were satisfied by the issue of 38 million Quindell shares and the payment of £1.34m in cash. The shares, representing approximately 1% of the group’s issued share capital, will be subject to lock in of between 12 and 36 months from the date of issue.
Rob Terry, chairman and chief executive of Quindell said: “Our strategy is to provide outsourced services, consultancy and technology directly to our customers, whilst also offering them alternative models including SaaS based solutions such as those provided by iSaaS. The team at iSaaS have a progressive and disruptive approach to their market, which we believe delivers significant benefits beyond our own operations and it is great that we are now able to formalise this relationship through this acquisition.
“Over the last year we have grown our share of the insurance outsourcing market, but we are similarly comfortable with a strategy of providing licenced software to other market participants, including those overseas as demonstrated by iSaaS’s recent success in the Australian market, in order that, as a group, we can benefit from market share beyond that which we are servicing directly.”