Ebix Buys Facts Services For $6.5 Million

ATLANTA (AP) — Ebix Inc., which provides software to insurers, said Wednesday it bought Facts Services Inc. for $6.5 million in cash.

Facts Services provides software and hardware for health care payers, specializing in claims processing, employee benefits, risk management, cost containment and managed care.

The deal closed on Tuesday.

Ebix said it paid for the acquisition through internal sources using its own cash reserves. No shares of the company's capital stock were issued as a part of deal and no financial advisers were involved in the transaction from the Ebix side.

Ebix plans to combine Facts Services with its Pittsburgh-based division under the EbixHealth name.

Shares of Atlanta-based Ebix rose $1.99, or 7.6 percent, to $28.17 in afternoon trading. The stock has traded between $17.12 and $40.30 in the past 52 weeks.