Nick Ayton has just become chief executive of The Source Claim Support, after a venture-capital deal in which ECI Partners took a majority stake for an undisclosed amount. The company was founded in 1993 to sell IT hardware, but later repositioned itself as a claims investigator, assessing damage to computers and PDAs for more than 50 insurance companies. The 2003 acquisition of competitor Claim Control Consultants further boosted its capabilities, allowing it to make repairs, for example. All this has made the company attractive to insurers that are seeking to reduce the number of damaged items they have to replace, and driving up sales 59% a year from £7.1m in 2001 to £28.5m in 2004.
|Company||Source Claim Support|
|Activity||IT claims settler|
|Annual sales rise over 3 years||58.95%|
|Latest sales £000s||28,461|
* supplied by company † annualised figure