NIIT Acquistion of Room Solutions
NIIT Technologies acquires UK Insurance Solutions Company - ROOM Solutions Limited to complement NIIT Technologies strengths in the insurance vertical.
8th May 2006
NIIT Technologies Limited, the global IT Solutions organization, has acquired a controlling interest in ROOM Solutions Limited, a US$ 25 million, UK-based Insurance Solutions provider headquartered in London with about 120 professionals. The move will strengthen NIIT Technologies presence in the Insurance vertical. NIIT Technologies will acquire the remaining equity in the company over the next 18 months.
ROOM Solutions is focused on the commercial insurance market including IT solutions to the customers of Lloyds, the largest reinsurance market in the UK.
Talking about this acquisition, Mr. Rajendra S. Pawar, Chairman, NIIT Technologies said, The strategic direction for NIIT Technologies has been to sharply focus and scale its business in a few select industry segments such as Insurance. ROOM Solutions strengthens NIIT Technologies insurance capability by bringing in deep domain expertise in the Commercial Insurance space.
ROOMs extensive expertise in the commercial insurance space has enabled it to develop Subscribe, part of a unique software suite that provides insurers with the functionality to sustain profitability throughout the insurance cycle. Over a quarter of Lloyds business is processed on the core policy administration platform Subscribe.
Commenting on the benefits of this acquisition Mr. Marcus Broome, Founder, ROOM Solutions said, NIIT Technologies expertise in providing technology based solutions in the Insurance space will expand our service offerings to the ROOM customer base and improve our value proposition through the established global delivery model of NIIT Technologies.
NIIT Technologies has a strong presence in the Insurance industry and offers services to a wide range of customers globally. This acquisition of ROOM Solutions will strengthen its presence in the UK insurance market and add to NIIT Technologies insurance capabilities globally.
The individual strengths of the two organizations are complementary, said Mr. Arvind Thakur, Chief Executive Officer of NIIT Technologies.
NIIT Technologies experience in the Life and Pensions space will be expanded by ROOMs vast domain expertise in the non-life and re-insurance space. ROOMs existing offerings will be supplemented by NIIT Technologies global delivery capabilities and its Policy Administration Platform is an ideal vehicle from which we can launch an integrated IT and Business Process Management offering, Mr. Thakur added.
Langham Capital were the financial advisors to NIIT on this transaction.
About NIIT Technologies
NIIT Technologies is a global IT solutions organization, servicing customers in North America, Europe, Asia Pacific and Australia. It offers services in Application Development and Maintenance, Enterprise Solutions and Business Process Management to organizations in the Insurance, Financial Services, Transportation, Government, Manufacturing and Retail sectors.
NIIT Technologies follows global development processes and is assessed at Level 5 of SEI-CMMi and Level 5 of People CMM frameworks and has ISO 9001:2000 certification.
NIIT Technologies subsidiaries NIIT SmartServe Limited and NIIT GIS Limited offer Business Process Management and Geographic Information Systems Solutions, respectively.
About ROOM Solutions
ROOM Solutions Limited is a leading supplier of solutions and services to the non-life insurance markets. The breadth and depth of ROOMs product and service offerings, in combination with its vision and commitment, enables risk carriers to optimise the management and control of their operational efficiency, business line profitability, and respond to major upcoming market level changes.
