The holding company of technology and telecoms outsourcing company Quindell, Mission Capital, has acquired the entire issued share capital of Business Advisory Service (BASL).

The holding company of technology and telecoms outsourcing company Quindell, Mission Capital, has acquired the entire issued share capital of Business Advisory Service (BASL).

AIM-listed Mission Capital is to pay for the £8.2 million deal by issuing 270,000,000 shares in itself. The purchase is part of its strategy to increase its customer base to build its cross selling services for its Quindell business.

Business Advisory Service is a business price comparison company that provides tariffs to businesses in the UK for electricity, business gas, telecoms and insurance.

According to a statement, benefits of the acquisition include new contracts that BASL has secured that will generate online referrals, and the investment that BASL has made in its ‘customer relationship management’ technology, which can be leveraged off to Mission’s own services.

The deal follows Mission’s acquisition of Quindell in a move that started in December and completed in May. The purchase led to the readmission to trading on AIM for Mission, giving it a market capitalisation of £33.2 million.

Speaking then, chairman and chief executive of Quindell, Rob Terry, comments: ‘Quindell is now signing over a million pounds of new business a week for the brands it represents, switching over 750 business/consumer customers per week to these brands.

‘Becoming a quoted company is a major step forward for our continued rapid growth plans.’

BASL reported revenues of £850,000 for the year ended 31 December 2009 and profits of £300,000.

According to a statement the acquisition is expected to be ‘quick and simple’, with a 12 month partnership already established between the two companies.