Quindell Portfolio nets £3.5m contract with a motor insurer

Marion Dakers
OUTSOURCING group Quindell Portfolio yesterday announced a contract with an unnamed motor insurer worth at least £3.5m.

The Aim-listed firm said it has penned a five-year deal with the insurer to provide its ICE Challenger software, which is used as a platform for online policy and claims administration.

"Quindell's strategy for technology has been planned over a significant period of time and is now having real traction in the marketplace,” said Robert Thomson, head of software and consultancy solutions at Quindell.

The firm said its new client can have the plaform up and running within days.

Quindell stock floated in 2011 and hit a peak of 17.25p in November 2012.

Short-seller Simon Cawkwell revealed that he was betting against the firm earlier this month.

The firm is hosting a series of “teach-ins” for analysts and investors over the summer in a bid to fully explain its growth plan to the market.