The insurance outsourcing company has taken a 19% stake in Canadian-based PT Health
Quindell has expanded its business into North America.
The insurance outsourcing company has made a 26% investment into PT Health, with a further option to acquire the remaining 74% at any time up to 1 April 2014.
The physiotherapy clinic provides healthcare and rehabilitation services in more than 100 centres across Canada.
Approximately 15% of its 10,000 sessions a day are due to insurance-related incidents.
Quindell founder and executive chairman Rob Terry (pictured) said: “We are thrilled to announce our investment in PT Health at a time when we are seeing real traction in the Canadian market.
“This investment and potential acquisition is in line with our core strategy of only paying for the existing business we acquire and not for the effect we can have on those businesses, by bringing additional volume or improving it with our technology, thereby underpinning significant earnings growth and strong return on capital for our shareholders.”
In July, Insurance Times reported that Quindell had taken a 19% stake in Arizona-based telematics software company Himex.
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