UK 15:25 Monday, 26 October 2026
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Today's Quindell podcast concerns Himex which, within the stable of frauds that is Quindell (QPP), is the biggest fraud inflicted on investors. There are two levels at which this is a fraud and recent actions by Quenron show how desperate it is to cover this up. All is revealed today
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Comments
Spoilt Git
A criminal investigation would put this to bed once and for all…if the fuzz weren’t so busy having to conduct criminal investigations into themselves.
Lloorree
Hi Tom
Given that, per the Delaware judgment, HIMEX states that “… its headquarters are located in Scottsdale, Phoenix…”, couldn’t it, and/or its Directors, be investigated in the USA?
Just a thought.
Thanks
alcira16247
Tom
The recent $550 million deal between Octo Telmatics and Renova Group has been the buzz of the telematics industry.
Octo is one of the first telematics companies providing solutions for transport and insurance companies. The company’s forecasted sales for 2013 topped EUR120 million.
Octo has operations in several markets including South Africa, Canada, Germany and the United States. The company also counted eight of the biggest car insurers in the world as among its clients.
The sale is exciting because Octo is responsible for 50% of all vehicles that use telematics insurance around the world.
Compare the above with what Terry got for $240 million paid for Himax
As we know Himax from its 2012 accounts hadn’t traded, had no employee’s and no revenue. Its only “asset” was self valued at £12.5 million.
Himax buy’s 80% of Navseeker ( The Evogi Group ) in 2012.
Navseeker is loss making and struggling with founder directors having to inject $5 million to keep it afloat.
Navseeker has pilots with 3 US insurance companies for its 3D virtual world gamification telematics software.
Navseeker only other stream of revenue seems to come from FleetDaddy which has small contracts with some 6 small\medium sized commercial fleets.
So its fair to assume that Himax is (at the time of purchase) nothing more than Navseeker.
We also know that the Delaware Judge was referring to Navseeker as being in “dire financial straits”!
The whole rationale of Quindell buying Himax was :-
“As previously stated, the Group’s rationale for acquiring a significant controlling interest in the Himex Group (“Himex”) is that it is in live implementations with three out of the top 20 US insurers and in pilots with a further four, as well as being in joint work in the UK and in Canada and seeing initial successes in continental Europe”.
What does ‘ live implementations’ actually mean? To date, as far as I’m aware no RNS has been released informing of contracts signed between Himax and ANY US insurer. Joint work in the UK…… that’s Himax selling Navseeker software to Ingenie? What initial European successes?… where?….. with whom?
So far it doesn’t seem Himax is achieving its goals and certainly questions why Mr Terry paid so much for so little!