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9 October 2013
Quindell Portfolio Plc
("Quindell" or the "Group")
Direct Line Group Major Contract Win Over £150 Million
Quindell Portfolio Plc (AIM: QPP.L), the provider of sector leading expertise in software, consultancy and technology enabled outsourcing in its key markets, being Insurance, Telecommunications and their related sectors is pleased to announce a new 3 year contract with Direct Line Insurance Group plc ("Direct Line Group"), the largest retail general insurer in the UK.
The new 3 year contract with Direct Line Group, for Quindell's market leading technology enabled outsourcing services is significant from day one and is worth over £150 million over a 3 year period.
The areas covered in the contract,will see Direct Line Group use key elements of Quindell's end to end proposition covering technology and integrated supply chain for Motor (mobility) claims technology and outsourcing services. This agreement follows a competitive market evaluation, due diligence and selection process by Direct Line Group.
Through its number of well known brands, Direct Line Group offers a wide range of general insurance products to consumers.
Rob Terry, Founder and Executive Chairman of Quindell, said: "We are very pleased to announce this significant new contract with such a major UK insurance brand as Direct Line Group. This agreement once again validates Quindell's significant market leading model, which we believe will continue to help revolutionise the insurance industry, through a combination of innovative technology and integrated supply chain for Motor insurance, stamping down the cost of claims whilst above all improving the customer experience for the brands who choose to partner with Quindell."
For further information:
Quindell Portfolio Plc
Laurence Moorse, Group Finance Director
Ian Farrelly, Group General Counsel & Company Secretary
Head of Investor Relations
Tel: 01489 864205
Tel: 01489 864217
Cenkos Securities plc
Joint Broker and Financial Advisor
Tel: 020 7397 8900
Tel: 020 7523 8350
Tel: 020 7382 4730
Notes to Editors:
About Quindell Portfolio Plc
Quindell Portfolio Plc is a provider of sector leading expertise in Software, Consulting and Technology Enabled Outsourcing in its key markets being Insurance, Telecommunications and their Related Sectors. Quindell enters the second half of 2013 with a run rate of gross sales of more than £350 million and with approaching £50 million of EBITDA earned in the first half of 2013. Our award winning Business Transformational, Software, Consulting and Outsourcing Solutions are recognised as delivering significant savings and additional sales to our customers every year.
For further information, please visit www.quindell.com
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