Three-year-old cloud medico-legal services VAR iSaaS has been swallowed up by insurance market IT services consultancy Quindell Portfolio for £1.34m plus shares.
Founded in 2010, Bolton-based iSaaS, which has a market cap of £0.5m, has been acquired for £1.34m in cash and one per cent – or 38 million – of the shares in the AIM-listed outsourcing, consultancy and IT services provider.
Rob Terry, chairman and chief executive of Hampshire-based Quindell, said it plans to go on providing outsourced services, consultancy and technology directly. while also offering them alternatives including SaaS -- such as those provided by iSaaS.
"The team at iSaaS has a progressive and disruptive approach to their market, which we believe delivers significant benefits beyond our own operations," Terry said.
"Over the past 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."
Certain changes in the insurance services market meant that Quindell would benefit from what iSaaS had achieved with cloud offerings in the legal and medical sectors, Terry said.
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