ROOM Solutions, the supplier of IT solutions to the commercial insurance market, has said that global IT solutions provider NIIT Technologies has taken a majority shareholding in the company.
ROOM said the move will combine expertise and resources, delivering a new range of products and services that will enable London underwriting organisations to deal effectively with the challenges posed by increasingly demanding regulatory regimes and intensifying global competition.
It said it will also accelerate the globalisation of the successful approach ROOM has developed in London and recently extended to Bermuda and the USA.
ROOM's management team will remain with the company and staff numbers within the company are expected to grow.
ROOM Solutions chairman, Marcus Broome said: “The business strategy that ROOM has pursued over the last few years has seen the company expand rapidly.
"Our range of products has been extended to enable our London customers to improve operational performance at a time when the regulatory environment has become more demanding. With this strong foundation in place we have extended our customer base to the USA and Bermuda.
“Over the last year we have looked at various ways of providing the company with more funds and resources to grow the company in a way that will sustain our leadership in the London market and increase the international client base.
"NIIT Technologies is an ideal choice as their strategy of developing through the provision of high-value services to chosen vertical segments matches ROOM's vision for the insurance sector.”
Mr Arvind Thakur, CEO of NITT Technologies added: “The individual strengths of the two organizations are complementary."
