Release Embargoed until at 0700 on 27th June 2012:
Further Agreement and update on acquisition of
Silverbeck Rymer Solicitors by Quindell Portfolio plc ("Quindell")
Quindell Portfolio Plc (AIM: QPP.L), the provider of sector leading expertise in software, consultancy and technology enabled outsourcing in its key markets, being Insurance, Telecommunications and their Related Sectors, is pleased to announce that further to its statement on 24 January 2012 it has broadened its partnering agreement with Silverbeck Rymer in providing a joint outsourcing offering to the UK insurance claim market, in particular in the area of personal injury, sufficiently to allow the Board to be confident of meeting market expectations in the second half of 2012. In addition, the two firms have now signed a binding agreement for the acquisition of Silverbeck Rymer by Quindell ("the Acquisition"), subject to approval from the Solicitors Regulation Authority and the Financial Services Authority. The consideration for the Acquisition will be satisfied by the payment of £12 million in cash and the issue of 96,666,666 Quindell shares, which will be subject to lock in arrangements ranging from 12 to 36 months.
Silverbeck Rymer is one of the UK's top five legal services firms, operating primarily in the area of personal injury. During 2011, Quindell worked with Silverbeck Rymer to develop a market leading proposition for both the direct market and as a partner to any major brand, and Silverbeck Rymer is already a provider of a significant volume of business to the Group's insurance outsourcing operations.
As part of the partnering agreement with Silverbeck Rymer, Jim Rymer will also be joining the Group's Strategy and Integration Advisory Board enabling Quindell to leverage his experience and industry contacts on a broader basis. Jim has enjoyed a long and successful career helping to drive Silverbeck Rymer from its early years of being a multi-disciplined general practice to one that is a market leading and highly focused business delivering services to the insurance, broker and claims communities. Jim is a highly respected and well-known figure within the industry, a founding member of the Motor Accident Solicitors Society and a deputy District Judge.
Rob Terry, Chairman and Group Chief Executive of Quindell said: "We are delighted to have reached this agreement, which represents a key step in the building of our combined insurance outsourcing offering, and provides the Board with further confidence of being able to meet market expectations for 2012. I would like to welcome Jim to our Strategy and Integration Advisory Board where I am sure his industry expertise and experience in the sector will prove extremely valuable in helping to secure delivery of our current pipeline of insurance outsourcing contracts which is both significant and growing."
Jim Rymer, Chairman of Silverbeck Rymer said: "Having continued to work closely with Quindell since our first announcement in January we continue to see significant benefits in being part of the enlarged group. Quindell is a major player in the insurance space and we firmly believe in its non-conflict approach to working with insurers. Its positioning as thought leader and belief in improving margins whilst lowering costs for the industry sits well with our philosophies of working alongside insurers to help combat fraud and other areas of cost escalation, whilst being an active promoter of fairness and protector of consumer rights and championing industry change."
For further information:
Quindell Portfolio Plc
Rob Terry, Chairman & Group Chief Executive
Laurence Moorse, Group Finance Director
Tel: 01329 830 501
Tel: 01329 830 543
Nominated Advisor and Broker
Cenkos Securities plc
Stephen Keys /Adrian Hargrave / Alex Aylen /
Tel: 020 7397 8900
Quindell Portfolio Plc
Tracey Terry, Chief Communications Officer
Tel: 020 7566 6720
Tel: 01329 830 501
Notes to Editors:
About Quindell Portfolio Plc
Quindell Portfolio Plc is a provider of sector leading expertise in Software, Consulting and Technology Enabled Outsourcing in its key markets being Insurance, Telecommunications and their Related Sectors.
Quindell joined the market through Mission Capital Plc, now renamed Quindell Portfolio Plc. The Company was readmitted to the market on 17 May 2011 following the acquisition of Quindell Limited prior to the immediate acquisition of Quindell's technology and outsourcing partners. In December 2011, Mobile Doctors Group Plc was acquired increasing 2012 run-rate revenue to over £50 million. On the 1 April 2012, Ai Claims Solutions Plc became a subsidiary of Quindell, increasing run rate revenue to over £150 million.
Our Industry Sectors
In today's digital world the line between traditional industry sectors continues to blur, however the focus on tight service management is common to them all. We believe that excellent customer service, tight cost control and integrated supply chain management is not the prerogative of any single industry sector and with our solutions in multiple industry sectors savings of over 20% against industry norms are being delivered to the bottom line.
The pressures on an organisation can come simultaneously from multiple directions including the need to add customers, increase wallet share, reduce costs and improve customer satisfaction. At Quindell we have the People, the Processes and the Supply Chains, underpinned by our sophisticated Champion and Challenger Business Process Management Technology Platform and Industry Solutions to help our customers tackle these efficiently and effectively.
With a clear understanding that having the best products and services on offer is not always enough and that getting your customers to use or adopt them is key, effective conversion lies at the core of our unique Champion and Challenger tools and techniques. Using these solutions Quindell has helped its customers achieve sales and service conversion rates ranging from 75% to 90%, way above industry norms. But life does not stand still, and complacency can kill any business, so the embedded Champion and Challenger continual improvement focus of our Learning Solutions is at the heart of all we offer. Using our industry insight and expertise, Quindell takes the holistic view of our client's challenges.
For example, when considering the Insurance industry today where 50% of the cost of an auto claim is associated with Personal Injury, including legal services, medical reporting and rehabilitation, it is clear that an organisation will not be able to achieve the levels of savings and customer satisfaction desired without addressing the injury to the driver as well as the repair of the vehicle. This is why at Quindell we have designed our insurance solutions and supply chains to address the full end to end cycle, with the ability and expertise to treat an injured party as well as repairing their vehicle. This makes Quindell a truly unique and ethically based proposition for the insurance industry today.
Quindell Portfolio's companies have worked with over 2000 brands from Small to Medium Enterprises and Blue-chip organisations around the globe. Today we count a number of the world's top Insurance and Telecommunications blue chip companies within our client base, as well as hundreds of customer centric organisations working in both the distribution and supply of their services.
Our award winning Business Transformational, Software, Consulting and Outsourcing Solutions are recognised as delivering significant savings and additional sales to our customers every year.
For further information, please visit www.quindell.com