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Innovation expands into Europe
Innovation Group, an outsourcing software and services provider to insurance firms, has boosted its service offering with the acquisition of certain businesses of Dutch companies Nobilas Claims and Fleet Solutions.
The companies were sold by Akzo Nobel and will bolster Innovation’s existing motor accident and breakdown management services in the UK and Germany.
The deal also signals the group’s march into Europe, with offices bought in France, Germany and Spain for 850,000 (£590,000) in cash. Innovation will now be able to serve clients in France, Spain, the Netherlands and Belgium.
As part of the deal, the group has taken on the acquired businesses’ losses of 13.3 million. On completion Innovation will combine its Innovation Motorcare business with the acquired firms, to enhance its service offering to the insurance, leasing, fleet and rental markets.
Last year Nobilas reported revenues of 11.4 million and (£7.9 million) with a loss before tax of 13.3 million (£9.2 million).
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