Brightside Group creating nearly 50 software jobs in Cwmbran
13th Aug 2012
Insurance broker and financial services group Brightside is creating a software development operation in South Wales in an investment creating 48 jobs. The project, which is creating well-paid technology posts, is being supported by the Welsh Government with a business finance package of £499,000.
Bristol-headquartered Brightside Group specialise in delivering market-leading insurance solutions to individuals and businesses and have recently won contracts with Asda Money and Debenhams to provide their car insurance offerings.
The Aim-listed company made its first investment in Wales when it acquired Cwmbran-based Quote Exchange last year and merged the team with its eDevelopment operation which will form the hub of their Welsh development centre. With the support of the Welsh Government, the company is now considering a second site in South Wales. Simon Jones, Brightside’s director of eCommerce said:
“Once established the Welsh operation will be open to innovative collaboration with the local academic network and play a part in the development of the local supply chain.”
Business Minister Edwina Hart said:
“Brightside Group plc is one of the fastest growing insurance broking and financial services businesses in the UK today and this is excellent news for Wales. It is another boost for the fast-growing financial and professional services sector and exactly the type of investment we want to attract to Wales and evidences our strategy to grow this sector is starting to pay dividends. Their choice of location was driven by the rich pool of talent available and is another example of how a fast growing national plc can benefit from sourcing head-office support services in Wales.This is one of the strong messages we are promoting to businesses in the sector and that Wales can offer a cost effective location for business growth and success.”
Brightside’s diverse portfolio of products provide innovative on-line interaction, fraud detection, collection and repayment solutions designed to guarantee an excellent customer experience and maximise efficiencies throughout their clients businesses.
Its products play an increasing important technology role in the online price comparison industry where Wales is home to three of the top four key players.
Last year was Brightside’s ninth successive year of record results, reporting strong growth in policy count, revenue, profitability, and earnings per share. During the year, insurance policies sold increased by 30.7% to 444,189 (2010: 339,916). Group revenue increased by 21.5% to £80.4m (2010: £66.2m) while profit before tax increased by 34.7% to £13.6m (£10.1m).
These results were achieved alongside significant corporate activity with the acquisitions of Quote Exchange eSystems and eDevelopment.
Source: Wales Online