UK-listed claims technology company Innovation Group has approved a £499 million ($1.09 billion) takeover offer from private equity firm Carlyle Group.

At least 75% of Innovation Group’s shareholders must now vote in favour for the deal to proceed.

Innovation Group’s directors, who have backed the offer, say it is “fair and reasonable” and US-based Carlyle has the global reach and financial resources to take the company forward.

“Carlyle’s offer represents a compelling opportunity for Innovation’s shareholders to immediately and fully realise the value from their investment, in cash and at a premium,” Non-Executive Chairman David Thorpe said.

“We also believe Carlyle brings a commitment and vision to the ongoing investment requirements of the business, providing Innovation Group with enhanced financial and operational flexibility as the group seeks to execute its strategy in the longer term.”

Carlyle is one of the biggest investment companies in the world, with an extensive portfolio including financial services, infrastructure, energy, defence and technology.

It has $US193 billion ($275 billion) of assets under management.

Carlyle Europe Partners MD Eric Kump says Innovation Group “is a high-quality business with great potential for growth, both organically and through acquisitions. Carlyle shares the management team’s vision for growth and international expansion, and we believe our partnership will strengthen the business.”

Innovation Group provides software and business process services to the insurance, fleet, automotive and property industries. It made a net profit of £11.3 million ($24.6 million) and revenue of £112.8 million ($245.7 million) in the six months to March 31.

It has a substantial presence in the Asia-Pacific region, including Australia, where it offers software solutions to motor and property insurers and provides collision repair management, risk mitigation and technology solutions to the fleet industry.

Carlyle declined to comment on its plans for Australia when contacted by insuranceNEWS.com.au.

It has already secured irrevocable undertakings of support of 28.3% from shareholders for the deal, and will make a formal offer for the remaining Innovation Group shares.