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Company Expects the Merger to be Immediately Accretive
ATLANTA, Aug. 15, 2012 (GLOBE NEWSWIRE) -- Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today announced that it has acquired London based TriSystems Ltd., a leading online insurance trading hub that facilitates commercial insurance and reinsurance transactions between London intermediaries and insurance companies. The TriSystems products and Services will now become a part of the EbixExchange Division of Ebix Europe.
Ebix expects the transaction to be immediately accretive to Ebix Earnings per Share (EPS). Ebix disclosed that it funded this transaction completely in cash. No Ebix shares were issued and no investment bankers were involved in the transaction.
The TriSystems On-Demand SaaS platform communicates electronic endorsements and placements with underwriters using ACORD messaging over the Lloyd's Exchange together with A&S (Accounting and Settlement) and ECF (Electronic Claims File) via the Insurance Market Repository. All functions are accessed through a single user portal on the Internet. The TriSystems products and services enable efficient and cost-effective communication between Underwriters and Brokers using the ACORD XML messaging standards, together with other UK and worldwide messaging standards like EDI and XML.
Robin Raina, President & CEO, Ebix Inc. said, "This is clearly a strategic acquisition for us as it provides us a base in one of the largest insurance markets in the world and helps us introduce EbixExchange services and CRM solutions to the London market. TriSystems provides Ebix with an on-demand SaaS service that supports the transactions of all types and classes of large commercial insurance and facultative & treaty reinsurance. We are excited about the possibilities it offers us both in the London markets and in the worldwide reinsurance markets."
"With 70% plus recurring revenue streams, low customer attrition rates, proven management record, complimentary technologies and SaaS based architecture, TriSystems met our criteria of a good acquisition target for Ebix." Robin added, "We are pleased to have inherited a strong London based management team that can also help us cross-sell Ebix services in the London markets."