The new investment of £3m from share sales and £1.2m from property asset sales will further bolster Quindell’s cash resources to support the expansion of its Telecommunications portfolio.

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Phil Brooks will head up a new solutions division within the group that will support and underpin the further expansion of the Quindell telecommunications and brand extension portfolios.

The acquisition of a majority stake in SMI Technologies strengthens the company’s Telecommunications market interests and also provides an expansion platform into international markets.

Quindell has announced that it has successfully completed the acquisition of the remaining share holdings in clickus4.com for £3.625m which includes significant assets and business interests related to the FoneTrader Brand.

Quindell Limited has announced plans to list on the UK AIM stock exchange as a first step towards its eventual goal of a full FTSE or NASDAQ listing. The target date for the UK AIM listing is during the first half of 2010.