29 Jan 2015 07:00
29 January 2015
The Innovation Group plc
('Innovation Group' or the 'Group')
North America BPS Business Wins
- Contracts worth $9.5m across Property and Motor divisions -
The Innovation Group plc (LSE: TIG.L), a global provider of Business Process Services ("BPS") and software solutions to the insurance, fleet, automotive and property industries, is pleased to announce new BPS agreements within its North American business, in both its Property and Motor divisions.
In the Motor division, a new contract has been signed by the Group's newly acquired roadside services business, Driven Solutions, with a Canadian financial institution for emergency roadside services. The contract has been signed for an initial 6 month period, but is expected to convert to at least a three year agreement. The contract is expected to generate an estimated $8m in revenues over the next three and a half years.
In the Property division, a new contract has been signed with a Tier 1 insurer for property desk review services. The contract is for an initial 1 year term, but is expected to renew for at least 2 additional years. The contract is expected to generate revenues in excess of $1.5m over the next three years.
Commenting on the news Andy Roberts, Chief Executive Officer of Innovation Group said:
"Today's announcement of new business wins across different product lines in North America demonstrates Innovation Group's all-round strength in a key market, which we consider to be our largest opportunity in regards to market share growth."
Enquiries:
The Innovation Group plc | Tel: +44 (0) 1489 898 300 |
Andy Roberts, Chief Executive Officer | |
Jane Hall, Group Finance Director Louise Fisk, Head of Global Communications | |
FTI Consulting LLP | Tel: +44 (0) 20 3727 1000 |
Edward Bridges / Matt Dixon / Rob Mindell/ Karen Tang |
About The Innovation Group:
Innovation Group (LSE: TIG) is a global provider of insurance software solutions and business process services. With revenues of £209.8m and adjusted PBT of £27.5m in 2014, it employs over 3,000 people across the UK, Europe, North America, Asia Pacific and South Africa and works with 15 of the top 20 global insurance markets, 75% of the top 20 global P&C insurance companies and 3 of the world's top 5 fleet and lease management companies.
www.innovation-group.com
Team Internet (TIG)