CPP Group, an AIM-listed insurance company headquartered in York, England, has agreed to pay an initial sum of €1 million for Blink, with an additional agreement to pay up to 20% of the profits generated by Blink’s technology products over the next five years, up to a maximum of €20 million.
Founded in Cork in October 2016 by Paul Prendergast, who serves as CEO, and Peter Bermingham, who serves as CTO, Blink has been developing an insurtech product that provides real-time flight interruption insurance designed to track flight cancellations, proactively alert travellers and then rebook their flight (at no cost to them) if the flight is cancelled or delayed. With an estimated 500,000 flights cancelled each year the Irish startup is well positioned for growth.
Jason Walsh CEO of CPP Group, said: “Paul and Peter have a proven track record in developing innovative companies and I am thrilled that they are joining CPP to lead our drive in creating customer led products for our global markets.”
Paul Predergast is a serial entrepreneur who previously founded an Irish startup that developed cybersecurity solutions for mobile devices, while Peter Bermingham is a highly seasoned software developer and experienced CTO with almost 30 years’ development experience.
Paul Prendergast said: "CPP is the natural home for the Blink team. There is a great deal of technology crossover with CPP’s existing customers and products and we are looking forward to working with the team to develop new insurance and assistance solutions."
Despite being founded just five months ago, Blink has already agreed a partnership with the multi-billion dollar reinsurance firm, Munich Re.
Blink is due to launch publicly next month.