(“Quindell”, the “Group”, and the “Company”)
Major Contract Win and Acquisition
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 a major contract win in South Africa and the acquisition of Quintica SA (Pty) Limited and Quintica International Limited (collectively “Quintica”) a specialist systems integrator and outsource service provider to the telecommunications marketplace throughout the Middle East and Africa.
Quintica has offices in South Africa, Ghana, Nigeria, Kenya, Uganda, Dubai and Abu Dhabi, delivering a combination of technology solutions and supply chain management services to a number of the major national carriers and multinational telecom groups. Quintica, a business that Quindell has recently taken a circa 7.7% ownership in, has been working closely with Quindell over the past 12 months on a number of strategic implementations of Quindell’s Challenger OSS technology.
Charles Osburn, Chief Executive of Quintica said: “This transaction enables Quintica to expand on the services and sales footprint, based around the Quindell service and product offerings. Our sales and operational objectives remain unchanged for our portfolio and only expect that we will see an increase in sales and services in the coming years. All of us at Quintica are very excited about the future potential to acquire and deliver major projects across our geographies.”
The acquisition of Quintica allows Quindell to further strengthen its systems integration capability for its technology solutions and provides a platform for furtherexpansion into a geography where the demand for software and services continues to expand at a rapid rate.
As previously announced by the Company in its Acquisition and Strategy Update on 15 August 2012, this approach to acquiring companies using warranted targets has proven to be a successful method of acquiring companies, consistently delivering an achievement of over 150% oftheir respective targets.
Rob Terry, Chairman and Group Chief Executive of Quindell said: “I am delighted to announce the tighter integration of the Quintica team within Quindell through this acquisition. Their knowledge and expertise with our Challenger OSS platform has already helped us in a number of international opportunities and now as part of the Group we look to expand our reach within the Middle East and African territories and beyond. The combination of technology expertise and demonstrable track record in outsource service provision is an ideal match for the Quindell business model and philosophy.”