Shares in CPP Group (LSE:CPP) surged 40% on Wednesday after the company unveiled plans to exit all remaining legacy operations and focus exclusively on Blink, its high-margin parametric insurance technology platform.
The shake-up includes the completed £4.6 million sale of CPP Turkey and a three-year licensing deal worth £1.5 million for Blink’s cybersecurity product.
A sale of CPP India is also on the cards, with a preferred bidder already lined up.
Management wants to scale Blink, a platform that automates insurance payouts for agreed amounts based on the probability of a pre-defined triggering event events like flight delays or cyber threats, using proceeds from the disposals to fund growth and trim central costs.
Blink grew its annual recurring revenue by 62% last year and now supports 1.5 million policies across 22 markets.
The shares were up 30.22p at 112p.