CPP Group, a Leeds-based provider of assistance and insurance products, has entered into an agreement with the founders of Globiva Services Private Ltd for the disposal of its majority interest in the company for an aggregate consideration of approximately £5.1 million.
CPP Group said: “Globiva is non-core to the Group following the announcement of its revised strategy and Change Management Programme (CMP) in October 2022 to transform the Group to an InsurTech business, led by Blink Parametric (Blink).”
CPP Group holds a 51% majority interest in Globiva, a business processes management company incorporated in India, with the other 49% of the shares beneficially owned by the three founders of Globiva, Navneet Gupta, Vikram Singh Nathawat, and Ashish Goyal, who continue to manage the business.
The sale and transfer of ownership will be conducted over a three-year period concluding in Q1 2027.
Simon Pyper, Group CEO, said: “The agreement we have reached with Globiva is consistent with our stated strategy and provides a positive outcome for both parties. This is another forward step as we simplify the Group and transform to an InsurTech business.”
