Oxygen Acquires DRS Operation

High profile insurance broker Oxygen has today announced the successful completion of Digital Risk Solutions’ technology professional indemnity operation for an undisclosed sum, in a move designed to strengthen Oxygen’s holdings within the risk management industry follow a number of other strategic moves by the broker to solidify its position.

The DRS division works with software firms and mobile content promoters to offer a range of insurance services, in addition to risk management and consultancy procedures. The acquisition marks an important step in Oxygen’s current expansion strategy, which has been established to help grow its foothold within the risk management and ancillary insurance services sector.

Whilst the DRS division does provide services within a specifically narrow niche, it is thought that the acquisition will complement much of the existing work carried out by Oxygen within communications markets, which could help to ensure profitability throughout the coming year.

Oxygen executive Andrew Wallin suggested that the close fit within the specific telecomms sectors shared by the newly acquired DRS division “This is an important strategic development for our Professional Risks business. We have the expertise and skill to build upon DRS’ achievements and grow our presence in this rapidly expanding sector of the technology industry.”

“In particular, the mobile media content element of the portfolio is a good fit with our position in the telecommunications sector,” he added, in sumarising the benefits of the freshly completed acquisition deal.

Meanwhile the DRS staff will now integrate within the Oxygen management structure, and it is thought that there will be no immediate repercussions in terms of cost cutting or job cuts, with the acquisition ready to proceed with immediate effect.

Category: Companies News