International law firm Dorsey & Whitney (Europe) LLP has advised Quindell Plc (AIM:QPP.L) on the world’s largest telematics contract to date. Quindell is a provider of sector leading expertise in software, consulting and technology enabled outsourcing in its key markets: insurance, telecommunications and their related sectors. The Company is recognized as number one in insurance claims technology in Europe. Quindell has grown its market capitalization from £300 million to £2.8 billion over the last few years.
Dorsey assisted Quindell in the negotiation of a joint investment with RAC, a leading British automotive services company providing roadside assistance for its members and general insurance, in a new company, Connected Car Solutions (“CCS”) formed to distribute Quindell and RAC’s combined car telematics offerings to 2.1 million RAC members in July 2014 and ultimately to a target of 12 million consumers. The combined initial investment amounted to £30 million with combined commitments that could increase funding to approximately £100 million. CCS will be owned 51 percent by Quindell and 49 percent by RAC. Quindell funded its share of the initial investment with proceeds from its recent £200 million stock placement (on which Dorsey also advised Quindell).
Telematics solutions provide information to insurers and other service providers on matters such as driver behavior, road conditions, location and usage enabling premiums to be adjusted from month to month to match driving behavior and vehicle usage.
A Dorsey team led by London Corporate Partner Mark Taylor represented Quindell in this complex joint venture. The rest of the London team included Intellectual Property Partner Ron Moscona and Corporate Associates Ronan Burke, Lucy Johnson-Cameron and Lauren Horman.
Dorsey & Whitney Advises Quindell Plc on World’s Largest Telematics Contract
April 17, 2014