NIIT Technologies acquires UK insurance solutions company
08 May 2006
NIIT Technologies Ltd has acquired a controlling interest in $25-million UK-based insurance solutions provider Room Solutions Ltd. NIIT will acquire the remaining equity in the Company over the next 18 months. The acquisition is expected to improve the Indian company' presence in the insurance segment, in which it has a presence.
Room Solutions is focused on the commercial insurance market including IT solutions to the customers of Lloyd's, the largest reinsurance market in the UK.
Room's extensive expertise in commercial insurance has enabled it to develop a unique software suite called Subscribe that provides insurers with the functionality to sustain profitability throughout the insurance cycle. Over a quarter of Lloyd's business is processed on the core policy administration platform Subscribe.
NIIT has a strong presence in the Insurance industry and offers services to a wide range of customers globally. The acquisition of Room Solutions will strengthen its presence in the UK insurance market and add to NIIT's insurance capabilities globally.
