Likewize announces strategic acquisition of Optus Insurance Services and 15-year exclusive supply agreement with one of Australia’s largest mobile phone operators
DALLAS, Dec. 21, 2021 /PRNewswire/ — Likewize Corp. ("Likewize") today announced that it has entered into an agreement to buy 100% of the shares of Optus Insurance Services Pty Limited ("OIS"), a wholly owned subsidiary of Singtel Optus Pty Limited ("Optus"). Likewize also announced that it signed a fifteen-year agreement to exclusively provide Optus customers with device insurance services, plus device replacement and upgrade programs. The total consideration under these agreements is A$200 million (approximately US$140 million).
Likewize is the world’s leading tech protection and support company, committed to making every tech problem painless. Optus is one of Australia’s largest mobile phone carriers.
Likewize has transformed in recent years to be the world’s leading tech protection and support company. During this transformation Likewize has made significant investments in technology platforms, made several strategic acquisitions to broaden its service portfolio and sold off operations in non-strategic markets. Today, Likewize has the most comprehensive product portfolio that ensures they protect customers against every eventuality, whether a device is lost, stolen, damaged, malfunctioning, in need of an upgrade, or someone doesn’t know how to do something – Likewize has the solution.
Rod Millar, Likewize CEO said, "This is a very significant acquisition for us. It strengthens our device protection portfolio, creates a long-term partnership with one of Australia’s leading mobile-carriers, and increases our ability to scale and deliver unprecedented levels of service to all customers in that market. We believe that this acquisition, together with several, recent large customer wins, position Likewize to continue to deliver strong growth moving forward."
Matt Williams, Optus Managing Director Products and Revenue, said "The structure of the arrangement also enables Optus to provide our customers with new, more flexible, and more complete products for device repairs, upgrades and replacements, provided through our partnership with Likewize, the world’s leading tech protection company. This means Optus will go further in meeting customer needs, expanding our offering, and growing this part of our business accordingly."
The transaction is expected to be completed in the second quarter of the 2022 calendar year, subject to regulatory approval.
When your tech goes wrong, Likewize makes it right. Likewize offers the most comprehensive protection against any technology disruption. Whether a device is lost, stolen, damaged, malfunctioning, in need of an upgrade or the user does not know how to do something, Likewize provides the solution. Trusted by the world’s largest brands, telcos, and banks, to look after approximately a billion of their customers. We operate in over 30 countries, resolving 250 million problems each year across insurance, warranty, repairs, trade-ins, re-commerce and premium tech support. For more information, please visit: www.likewize.com.