NEW DELHI: IT Solutions organization NIIT Technologies Ltd has acquired a controlling interest in ROOM Solutions Ltd, a $ 25 million, UK-based Insurance Solutions provider headquartered in London with about 120 professionals.
The move is likely to strengthen NIIT's presence in the Insurance vertical. NIIT will acquire the remaining equity in the company over the next 18 months.
ROOM is focused on the commercial insurance market including IT solutions to the customers of Lloyd's.
Talking about the acquisition, 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”.
ROOM's 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.
Commenting on the benefits of this acquisition Marcus Broome, founder, ROOM 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 has a strong presence in the Insurance industry and offers services to a wide range of customers globally. The acquisition of ROOM is expected to strengthen its presence in the UK insurance market and add to NIIT's insurance capabilities globally.
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