Quindell takes option to acquire ingenie
Quindell Plc today took up its option to buy the remaining 51% of ingenie, having progressively bought 49% of shares over the last couple of years.
The option agreement, signed in January this year, gave Quindell until January 2015 to complete the purchase. The leading insurance software provider has now exercised its option with immediate effect.
Since launching in 2011, ingenie has established itself as a leading consumer brand in the telematics sector, and this acquisition reflects its progress towards launching in Canada later this year - with the USA close behind in 2015.
With senior management - including founder and CEO Richard King - signing 3-year contracts, ingenie's success so far is set to continue, and now with the backing to grow further.
ingenie recently launched a ground-breaking partnership with Vauxhall to provide young drivers with £99 insurance for their first year of cover with ingenie. The company also won the prestigious Prince Michael International Road Safety Award at the end of 2013, and the Insurance Start-up Award at the British Insurance Awards just last week, in recognition of everything it has achieved so far.
Quindell has worked with the business from the start, and is the best partner for ingenie to expand our UK business and help us create new international operations. We will begin operating in Canada in the next few months and discussions regarding expansion into the US are progressing in a very positive manner. We believe in Quindell and we share a common vision for the insurance telematics market.
ingenie founder and CEO