Quindell Portfolio QPP Agreement and Investment in 360 Globalnet Ltd

  Quindell Portfolio (QPP) - Agreement and Investment in 360 Globalnet Ltd

RNS Number : 2255Y
Quindell Portfolio PLC
28 February 2012




RNS Release Embargoed until 7.00 am 28 February 2012

                                      

                            Quindell Portfolio Plc

                         ("Quindell" or the "Group")

                                      

         PARTNERING AGREEMENT AND INVESTMENT IN 360GLOBALNET LIMITED

  Cash and shares issued at a circa 11% premium on yesterday's closing price

         Key Appointments to Strategy and Integration Advisory Board



Quindell Portfolio Plc (AIM: QPP.L), the brand extension company and a leading
practice provider of consultancy, software and outsourcing in its key markets,
is pleased  to  announce that  it  has  entered into  a  Partnering  Agreement 
("Agreement") with 360GlobalNet  Limited ("360"), the  ultimate parent of  the 
360 group, whereby each company will promote and, where applicable, distribute
the others' products and services, working together in all areas of motor  and 
property insurance excluding subsidence where Quindell will separately promote
its own product offerings.



360 is an innovative  technology and consultancy  company with specialisms  in 
the business use  of video,  and rapid data-mining  of all  data formats  with 
particular emphasis on fraud prevention  and compliance monitoring within  the 
financial sector.  It works  with major  global brands  within the  financial 
services and insurance sectors and their related supply chains.



As part of  the Agreement, Quindell  has also increased  its ownership in  360 
from 3% to 19% for a total consideration of £2.15 million. The  consideration, 
all of which will  be paid into  360, comprises £0.9m  in cash and  16,666,667 
newly issued Quindell shares at a price of 7.5 pence per share, representing a
premium of circa 11% on yesterday's  closing price. The shares are subject  to 
12 months lock in.



360's Board comprises Paul Stanley (Chairman and Chief Executive), Mark  Jones 
and Doug  Brown. Going  forward, both  Paul  Stanley and  Mark Jones  will  be 
participants in the  Group's newly  formed Strategy  and Integration  Advisory 
Board.



Paul has significant experience in the insurance industry, previously  working 
with groups  including Royal  Insurance  and Direct  Line  where he  won  Post 
Magazine's claims manager of the year. Paul is a serial founder of  successful 
companies specialising in outsourcing,  data technology, perils modelling  and 
geographic information systems.  The sale of  his previous companies,  Infront 
Solutions Limited, Addressology Limited  and Conversant Data Limited  (founded 
with Mark  Jones), to  The Innovation  Group plc  were negotiated  by  current 
members of Quindell's management  team. These transactions typically  followed 
the taking of an initial minority holding by The Innovation Group plc. Infront
Solutions Limited was  recently awarded the  contract to handle  all of  Royal 
Bank of Scotland  Insurance's newly notified  subsidence claims, estimated  to 
contribute approximately £40 million to its revenue over its  three-and-a-half 
year life, and  in 2007  won a  five year contract  to service  Royal and  Sun 
Alliance's subsidence claims worth over £30m.



Mark Jones  has previously  held senior  management and  consultancy roles  at 
Natwest, Abbey,  Royal  Bank of  Scotland,  Direct  Line and  EMB  the  global 
actuarial firm  (now  Towers  Watson).  Mark has  also  been  a  non-executive 
director of CIFAS, the UK's fraud avoidance service for approximately 10 years
and has chaired a cross section working  group on the use of automatic  number 
plate recognition  technology within  the private  sector along  with  various 
other industry  and  Government  groups.  He  is  an  acknowledged  expert  on 
financial crime prevention, detection  and investigation, risk management  and 
customer profiling.



Doug Brown has over  18 years of Financial  Services experience having held  a 
variety of  senior management  and consultancy  roles at  companies  including 
Wipro, PWC, IBM, and Zurich Financial Services. Whilst at Ernst and Young,  as 
the Head of the UK Insurance Claims Practice, he designed and managed a  World 
Class Performance Improvement Accreditation Program  for a major UK  financial 
institution handling £3 billion worth of cases per year.



An additional option has also been agreed, expiring on 27 February 2013,  that 
gives Quindell the opportunity  to increase its holding  to 25.1% of the  then 
issued share capital of 360 by the payment in to 360 of a further £2.5 million
in cash irrespective of how many new  shares are issued by 360 for example  in 
acquiring new companies or incentivising its employees.



Application has been made for the  16,666,667 Ordinary Shares of 1 pence  each 
to be admitted  to trading on  AIM. Admission  of the shares  is expected  to 
occur on 3 March 2012.  Following Admission Quindell will have  2,567,128,096 
Ordinary Shares in issue.





Rob Terry, Chairman and Chief Executive of Quindell said:

"Since the announcement of  our strategic alliance  with 360GlobalNet in  June 
2011, 360GlobalNet has been building a strong brand in the financial  services 
sector  with  their  innovative  decision-support  technology,  products   and 
services. This success has led us to step up our involvement and invest in the
business. Their  technology  combined  with  our  own  has  the  potential  to 
revolutionise the way  in which  the global financial  services and  insurance 
businesses  are   run.  We   believe  the   combined  proposition   is   truly 
ground-breaking."



Paul Stanley, Chairman and Chief Executive of 360GlobalNet Limited said:

"I am delighted to be announcing this important development in our  respective 
Group's relationship. 360GlobalNet's technology  has the capability to  change 
industry practice. Quindell's ability to demonstrate thought leadership within
the insurance  industry is  similarly impressive  as clearly  demonstrated  by 
their recent acquisition  program which  puts them  in a  unique and  enviable 
position to bid for outsourcing work over the coming nine to twelve months  in 
an industry that is undergoing significant  change. As a result, our fit  with 
Quindell's existing  software,  consulting  and  technology  enabled  business 
process outsourcing services is extremely compelling."



For further information:

Quindell Portfolio Plc                                     Tel: 01329 830 501
Rob Terry, Chairman & Chief Executive
                                                          terryr@quindell.com

                                                           Tel: 01329 830 543
Laurence Moorse, Group Finance Director
                                                         moorsel@quindell.com
Cenkos Securities plc                                      Tel: 020 7397 8900
(Nominated adviser and broker)
Stephen Keys /Adrian Hargrave (Corporate Finance)                           

Alex Aylen / Andy Roberts(Sales)


Media Enquiries                                                             
RedleafPolhill Limited
                                                           Tel: 020 7566 6720
Rebecca Sanders-Hewett
                                                  quindell@redleafpolhill.com
Jenny Bahr
                                                                            

                                                                            
Quindell Portfolio Plc
Gillian Baker, Investor relations                            Tel:01329836724

                                                         bakerg@quindell.com

                                                                           

Tracey Terry, Chief Communications Officer                 Tel: 01329 830 501

                                                        terrylt@quindell.com



Notes to Editors:



About Quindell Portfolio Plc

Quindell, the  Brand Extension  Company,  helps its  clients and  partners  to 
utilise their brands enabling  them to achieve  greater sales, provide  better 
service and extend the brand into new product offerings and alternative routes
to market.



The Group works  with over  2,000 brands from  SMEs to  blue-chips around  the 
globe, with  solutions applying  to  the following  Sectors &  related  Supply 
Chains:



· Telecoms, Utilities, Retail & E-commerce

· Finance, Insurance, Health & Legal

· Government & Public Sector



Quindell Portfolio joined the  market through Mission  Capital Plc. The  Group 
was readmitted  to the  market on  17 May  2011 following  the acquisition  of 
Quindell Limited. On 18 July 2011, the Company was renamed Quindell  Portfolio 
Plc. In  December  2011, Mobile  Doctors  Group Plc  was  acquired  increasing 
run-rate revenue to over  £50 million and staff  levels to over 600  including 
our off-shore capability.



Our Solutions

In addition to extending our clients' brands, Quindell's solutions are focused
on generating  improvements  in  efficiency and  effectiveness  in  sales  and 
service transactions with savings of over 20% against industry norms achieved.



Our Consultancy drives  the business  transformation for our  clients, and  is 
supported by  leading edge  technology,  outsourcing, membership  schemes  and 
social media via repeatable solutions.



Our Software provides cloud based industry solutions to deliver the  necessary 
framework  to  meet  online,  office   and  field  based  sales  and   service 
expectations of our clients and their customers.



Our "Sales" Technology Enabled Outsourcing  leverages our own Business &  Home 
Advisory Service brands to provide  a White Labelled proposition for  partners 
to extend into offerings for  Telecoms, Utilities, Finance, Insurance,  Health 
and Legal Services.



Our "Service" Technology Enabled Outsourcing covers a broad range of solutions
and in  insurance,  already recognised  as  a market  leader  for  independent 
medical evidence via a  panel of circa 2,500  medical experts providing  circa 
11% of reports for UK Personal Injury claims.



For further information, please visitwww.quindell.com



About 360Globalnet Limited

The  360GlobalNet  group  of  companies   specialises  in  the  research   and 
development of decision  support technology  to enable  organisations to  cost 
effectively manage and asses risk. Our product offerings and services include:

360 Link-Up - The provision of  sophisticated real-time access to secure  data 
matching, mining and  case management  technology to  enable organisations  to 
identify risk, fraud  and poor  compliance through  modules comprising  rules, 
visualisation,  management   information,   data,  document   searching   and 
investigation.

360Siteview - a highly developed mobile video system for business requiring no
software download. With  all processing performed  in the cloud,  360Siteview 
can stream events  and situations  from "out there"  live to  your desktop  or 
loaded to the  web for later  retrieval. 360Siteview operates  on any  device; 
Smartphones, Tablets, PC's (inc Apple)  and virtually any operating system  so 
your customers can send you  information from their phone  live or to the  web 
and manage their  own admin. Users  see any event  or situation without  being 
there or sending people out.

360Skylens and 360connectandsee - We market visually and globally with our own
video production suite.  Plus we also  run a fleet  of UAV's (unmanned  aerial 
vehicles) to capture imagery  and Mobile Incident Units  - Vans with  internal 
20' masts with a full broadcast camera on top.

360Cerberus - The closed  user, cross sector, industry  data sharing model  of 
proven fraud  as  deployed  by  the South  African  Fraud  Prevention  Service 
www.safps.org.za

360 Intellimation - The sourcing and supply of risk assessment and regulatory
data for screening.

For further information, please visit www.360Globalnet.com

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCSEEFAWFESEIE -0- Feb/28/2012 07:01 GMT
 
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