London, UK-based Capita will pay a initial cash sum of GBP26m ($45m) plus an earn-out of a possible GBP 9m ($15.6m) depending on the target company’s future performance.
BDML Connect acts as an intermediary between insurance companies such as Norwich Union and Admiral Insurance and their customers, handling over two million calls and processing more than 210,000 policies annually.
The Portsmouth, UK-based company has 430 employees and made an operating profit of GBP2.2m ($3.8m) on revenue of GBP11.9m ($20.7m) in full-year 2004.
Capita said the takeover would strengthen its proposition as an end-to-end insurance service provider, handling everything from sales and support through policy management and claims handling.
