SOURCE: Innovation Group

Innovation Group

September 24, 2014 10:43 ET

Innovation Group Acquires Driven Solutions

Acquisition Further Strengthens Innovation Group's Accident Management and Repair Capabilities for the Insurance and Fleet Industries

ROLLING MEADOWS, IL--(Marketwired - Sep 24, 2014) - Innovation Group, a global provider of solutions and business process services (BPS), today announced the acquisition of Texas-based Driven Solutions, Inc. (Driven).

Driven is a leading provider of emergency roadside and towing services in the U.S. and Canada, supporting the insurance and fleet industries, as well as managing a number of auto club programs. Driven chief executive Craig Hamway, as well as the rest of the company's senior management team, will join Innovation Group, and the business will continue to be managed from its Texas location.

"Driven represents an excellent strategic acquisition for our business," said Lewis Miller, CEO for Innovation Group BPS in North America. "The company's products and operational capabilities, as well as the quality of its managed towing and roadside provider network, are extremely complementary to our existing capabilities. This acquisition is a significant step for Innovation Group as we continue to enhance our accident management and repair capabilities for the fleet and auto insurance industries."

"We are delighted to be joining Innovation Group," said Hamway of the acquisition. "Innovation Group's strategic direction and ambition resonate very well with us, and we are excited about what we can achieve as part of the Innovation Group team." 

Preston Todd Advisors, a leading buy-side M&A advisory firm specializing in sourcing acquisition opportunities in financial services, financial technologies, and related SaaS-based management solutions served as advisor to Innovation Group Ltd. in the Driven Solutions transaction.

About Innovation Group
Innovation Group (LSE: TIG) is a global provider of insurance software solutions and business process services. With revenues of £204.4m (US$332m) in 2013, it employs over 2,800 people across North America, Europe, Asia Pacific and South Africa and works with 15 of the top 20 global insurance markets, 16 of the top 20 global insurance companies and 3 of the world's top 5 fleet and lease management companies. For more information, please visit the Innovation Group website at www.us.innovation-group.com.

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