New Delhi: Global IT solutions company NIIT Technologies has acquired UK-based insurance solution provider Room Solutions in an all-cash deal for $25 million.
The company has acquired 51 per cent stake at present and would acquire the remaining 49 per cent equity in Room Solution over a period of 18 months, NIIT Technologies said.
"The strategic direction for the company has been to sharply focus and scale its business in a few select industry segments such as Insurance. Room Solutions strengthens the Company's insurance capability by bringing in deep domain expertise in the Commercial Insurance space," NIIT Technologies Chairman Rajendra S Pawar 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," ROOM Solutions Founder Marcus Broome said.
Room Solutions is focused on the commercial insurance market including IT solutions to the customers of Lloyds, the largest re-insurance market in the UK.
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