NIIT Tech buys major stake in UK firm

NIIT Technologies on Monday announced the acquisition of controlling interest in ROOM Solutions, a $25 million, UK-based insurance solutions provider headquartered in London with about 120 professionals.

According to a release issued by NIIT Technologies to the BSE today, the company will acquire the remaining equity in ROOM Solutions over the next 18 months.

ROOM Solutions is focused on the commercial insurance market, including IT solutions, to the customers of Lloyd's, the largest reinsurance market in

the UK.

Rajendra S Pawar, chairman of NIIT Tech, said: "ROOM Solutions strengthens the company's insurance capability by bringing in deep domain expertise in the commercial insurance space."

ROOM's expertise in the commercial insurance space has enabled it to develop Subscribe, part of a unique software suite that provides insurers with the functionality to sustain profitability throughout the insurance cycle. Over a quarter of Lloyd's business is processed on the core policy administration platform of Subscribe, the release added.