Outsourcer purchases ISaaS Technology
Insurance outsourcing firm Quindell Portfolio is to buy legal and medical software house ISaaS Technologies.
Quindell will pay for the company in shares and cash. It will issue 38 million new shares and pay £1.34m in cash.
ISaaS provides cloud-based software as a service (SaaS) products to the medico-legal and legal services industries in the UK and overseas.
Quindell has bought ISaaS to help insurers and other clients to tackle the introduction of the Legal Aid, Sentencing and Punishment of Offenders Act (LASPO) that comes into force on 1 April.
The company said that it had already put in place outsourcing solutions for insurers, brokers and other intermediaries that survive the legislative changes that LASPO will bring.
It added that ISaaS offers a “similarly highly disruptive” SaaS-based model that is effective after these changes for the legal profession, doctors and rehabilitation specialists.
It will also work for insurance businesses that cannot replicate the Quindell model but want to operate legal practices in-house with their own independent iSaaS medical reporting network in support of their personal injury work.
Quindell chief executive Rob Terry said: “Our strategy is to provide outsourced services, consultancy and technology directly to our customers, while also offering them alternative models including SaaS-based solutions such as those provided by iSaaS.
“The team at iSaaS have a progressive and disruptive approach to their market, which we believe delivers significant benefits beyond our own operations and it is great that we are now able to formalise this relationship through this acquisition.”
No comments yet