Touchstone Invests GBP3.0 Million In Concirrus For 67% Stake

LONDON (Alliance News) - Touchstone Innovations PLC said on Monday it has made a GBP3.0 million ...

Alliance News 19 June, 2017 | 7:51AM
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LONDON (Alliance News) - Touchstone Innovations PLC said on Monday it has made a GBP3.0 million investment in Internet-of-Things insurance services company Concirrus Ltd for a 67% stake.

The investment will allow Concirrus to bring in more insurance customers, and develop its product platform and data partnerships across several insurance lines of business, with initial focus being on marine insurance.

For Touchstone, the investment will further grow its information and communications technology portfolio.

Concirrus was founded in 2012, and provides a cloud-based software platform that allows clients to access data from the Internet-of-Things for new products.

"Concirrus has made significant progress in bringing new insight into the insurance market to improve loss ratios. For example, one of their leading customers is now able to offer a product line in a previously 'un-insurable' market segment by leveraging internet-of-things data. As investors we are building an ICT portfolio to capitalise on opportunities created by new data insights and Concirrus is leading that charge for the London & Global insurance markets," said Kelsey Lynn Skinner, Director of Technology Ventures at Touchstone.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Touchstone Innovations PLC 316.75 GBX 2.51 -
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