Software and outsourcing firm Quindell Portfolio has announced plans to buy personal injury specialist Silverbeck Rymer and combine it with its claims and Mobile Doctors business to provide a joint outsourcing offering to the UK insurance claims market.

The proposed acquisition, which values Silverbeck Rymer at £19.31m, involves £10.25m in cash and the issue of up to 120.8 million Quindell shares at 7.5p each, which will be subject to lock in arrangements ranging from 12 to 36 months.