CPPGroup Plc Acquisition (7401Z)
March 17 2017 - 3:00AM
UK Regulatory
TIDMCPP
RNS Number : 7401Z
CPPGroup Plc
17 March 2017
17 March 2017
CPPGroup plc
Acquisition
CPP strengthens new product development capability through the
acquisition of Blink Innovation Limited
CPPGroup Plc ("CPP" or "the Group"), the international
assistance business, today announces that it has acquired Blink
Innovation Limited ("Blink") for an initial consideration of EUR1m
and an earn-out based on future products developed by Blink. The
initial sum will be paid on completion with a total maximum
earn-out based on up to 20% of defined profits generated up to a
maximum of EUR20m in profits over the next five years.
Blink is a unique digital assistance insurance product for the
travel market. Based in Cork, Ireland, Blink is set to launch the
world's first real time resolution flight interruption
insurance.
Blink provides insurance in the background, a seamless
experience for customers by solving their problem and enabling them
to complete their journey at no additional cost with no claims
process to negotiate.
It has recently partnered with Munich Re and is the only
InsureTech start-up in the FCA's Project Innovate sandbox
scheme.
Blink was founded by Paul Prendergast and Peter Bermingham, both
of whom have built a number of successful businesses in the past.
The primary aim of the product is to assist customers in an
emergency situation due to flight cancellations.
The product has been through beta testing and is due to launch
April 2017.
Commenting on the acquisition, Jason Walsh CEO of CPPGroup plc
said:
"I am delighted to announce this acquisition of Blink and
welcome Paul and Peter to CPP. The acquisition marks a significant
step forward for CPP in building a global product innovation
capability. Paul and Peter have a proven track record in developing
innovative companies and I am thrilled that they are joining CPP to
lead our drive in creating customer led products for our global
markets. This will ensure that we are at the cutting edge of
insurance and assistance product development in the digital
space."
Paul Prendergast, CEO of Blink added:
"CPP is the natural home for the Blink team. There is a great
deal of technology crossover with CPP's existing customers and
products and we are looking forward to working with the team to
develop new insurance and assistance solutions."
-ENDS-
For further information please contact:
CPPGroup Plc
Jason Walsh, Chief Executive Officer
Mike Corcoran, Chief Financial Officer
Tel: +44 (0)1904 544500
Investec Bank plc
Nominated Adviser and Corporate Broker
Sara Hale; James Rudd; Carlton Nelson
Tel: +44 (0)20 7597 5970
Maitland
Neil Bennett; Daniel Yea
Tel: +44 (0)20 7379 5151
Notes to Editors
CPP provides a range of assistance based services to customers
in the UK & Ireland and in a number of international markets
across Asia, Europe and Latin America. The Company's core
propositions provide peace of mind for customers covering a range
of areas including lost and stolen credit cards, identity theft,
insurance of mobile devices, and passport assistance.
For more information on CPP visit www.cppgroupplc.com
REGISTERED OFFICE
CPPGroup Plc
Holgate Park
York
YO26 4GA
Registered number: 07151159
This information is provided by RNS
The company news service from the London Stock Exchange
END
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