CPP Group snaps up Irish tech business
York-based CPP Group, which specialises in credit card insurance has acquired an Irish business for €1m as it looks to grow its development capabilities.
Blink Innovation, based in Cork, Ireland, has been bought by the group. It will also pay an earn-out on top of the initial €1m based on up to 20% of the profits generation over the next five years, up to €20m.
Blink is a digital assurance product for the travel market, and is set to launch what it calls the world’s first real-time resolution flight interruption insurance.
Blink was founded by Paul Prendergast and Peter Bermingham, and its main product has been through beta testing and is due to launch April 2017.
Jason Walsh CEO of CPPGroup plc said: “I am delighted to announce this acquisition of Blink and welcome Paul and Peter to CPP. The acquisition marks a significant step forward for CPP in building a global product innovation capability.
“Paul and Peter have a proven track record in developing innovative companies and I am thrilled that they are joining CPP to lead our drive in creating customer led products for our global markets. This will ensure that we are at the cutting edge of insurance and assistance product development in the digital space.”
Paul Prendergast, CEO of Blink added: “CPP is the natural home for the Blink team. There is a great deal of technology crossover with CPP’s existing customers and products and we are looking forward to working with the team to develop new insurance and assistance solutions.”
This is the latest step on the road to recovery for CPP Group, which was hit by a boardroom coup last year, ousting its turnaround chief executive in favour of new CEO Jason Walsh, backed by shareholder Hamish Ogden.