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23 September 2013
Prism Network, the national disaster recovery and building repairs specialist, today announces it has secured a £2m investment package, allowing it to implement the next stage in its growth strategy after a highly successful first three years of trading.
The investment, from Venture Capitalist Midven and ABN AMRO Commercial Finance, will allow Prism to recruit, including a further team of broker account managers and expand its Midlands headquarters, as well as increase its network of contractors around the country.
Speaking about the investment, Mark Orton, Managing Director at Prism Network commented: “The repair network industry is fragmented. Insurers and brokers are looking for an integrated service which manages the repair works from start to finish, and factors in overall claim indemnity spend, including business interruption. Our unique offering is the reason why we have managed to secure this funding, to allow our rapid growth to continue, and to allow us to increase our market share.
“We have many exciting initiatives planned for the next 12 months, which we believe will shake up the market, and with the backing and expertise of Midven, we’re looking forward to really making our mark on the market.”
Prism Network has created a unique integrated approach, based on the board’s 36 years’ management experience in the insurance, construction and property industries. It operates in a completely transparent manner and this ensures that all cost savings are passed directly to the insurer or broker, without sacrificing customer service.
Importantly it also employs an innovative cloud based job tracking software that is fully integrated with its telephone system which ensures a fast response customer service, and allows the client to be updated in real time at all stages of the reinstatement process.
Midven investment director Surjit Kooner said: “We were impressed with the excellent management team who have significant experience in the insurance and property sector, and by the high levels of customer service Prism’s clients receive. We believe that our investment will help the company accelerate growth and become a major supplier in the market. It already has significant forthcoming opportunities in the pipeline.”
Prism works with several insurers, loss adjusters, and over 450 brokers including 50% of the top 100. Already working with Brokerbility and Cobra Network, Prism has most recently joined forces with the TEn Insurance network to provide disaster and recovery services to its members.
The Company received legal advice from the Wilkes Partnership and corporate finance advice from Nick Johnson and Gurinder Sehmi from Mazars.