LONDON: CPP Group (AIM: CPP) has agreed to sell its India-based subsidiary, CPP Assistance Services Private Ltd, for US$21 million (approx. £15.7 million), marking a key milestone in the Group’s transformation into a pure-play InsurTech business.
The buyers, OneAssist Consumer Solutions and Bolttech Device Protection India, will acquire 100% of the company in a transaction subject to shareholder approval and contingent performance conditions.
The deal will enable CPP Group to exit its legacy assistance operations and reallocate capital to Blink, its scalable parametric InsurTech platform. Blink is active in 22 markets and specializes in travel disruption and cybersecurity protection. In fiscal 2024, Blink grew annual recurring revenue by 62% to £1.6 million and achieved a 100% renewal rate across its partners.
Proceeds from the CPP India sale—alongside £6.1 million from the recent disposal of CPP Turkey—will be used to accelerate Blink’s commercial and technology roadmap, reduce central costs, and support working capital. CPP India’s revenue has been largely dependent on one partner and its growth prospects are limited by regulatory pressure and capital constraints, according to CPP Group.
A restructuring program will launch in September 2025 as part of the Group’s transition to a leaner, Blink-centric organization. Leadership of Blink was recently strengthened with the appointment of Brian Barter as CEO.
No shareholder distributions are expected; funds will support Blink’s expansion, reduce costs, and repay the company’s revolving credit facility with Barclays.
The sale is expected to result in a gain of £10 million (unaudited), recognized in the Group’s full-year results for 2025.
Simon Pyper, Chief Executive Officer of CPP Group, commented: “The sale of CPP India marks another key milestone in our strategic transformation. Alongside the earlier disposal of CPP Turkey, this deal simplifies the Group and strengthens our ability to accelerate investment in Blink. Under Brian’s leadership, Blink is evolving into a best-in-class, global InsurTech platform with the potential to deliver meaningful, long-term value for shareholders.”