The share price of Quindell Portfolio (LSE: QPP) — a provider of software, consultancy and technology outsourcing expertise in the insurance, telecommunications and related sectors — is currently up 9%, following the announcement of a major contract win.
The new contract is with Direct Line Group (LSE: DLG) — the UK’s largest general retail insurer — and is worth £150m over three years. Direct Line will be using key elements of Quindell’s end-to-end proposition covering technology and integrated supply chain for motor claims technology and outsourcing services.
Commenting on the announcement, Founder and Executive Chairman of Quindell Rob Terry 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.“
The deal with Direct Line Group follows big contracts with Renault UK, Honda UK and the RAC that were announced earlier this year.
At the time of writing Quindell ‘s share price is 15.8p. Although that’s 7% down so far in 2013 — primarily due to a puzzling slump in early May — it’s up 4% on this time last year.
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