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DOHA, Qatar, April 8, 2013 (GLOBE NEWSWIRE) -- The Qatar Financial Centre Authority ("QFCA") today announced that it has reached an agreement to sell Qatarlyst, an electronic trading exchange for the global insurance and reinsurance industry, to Ebix Singapore Pte Limited, a subsidiary of Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry.
The QFCA believes that Qatarlyst's divestment to Ebix, Inc. is the best option to leverage Qatarlyst's capabilities, develop the business and secure wider market acceptance. Ebix will be rebranding the service as a part of its EbixExchange platform worldwide.
Qatarlyst was established in November 2008 to provide the next generation web-based technology solution for brokers and insurance firms to negotiate, place and accept large commercial risks electronically. Qatarlyst has made considerable progress in winning the insurance market's acceptance with its value added web-based services and has emerged as a major innovator in the industry.
Ebix's expertise in the insurance industry coupled with its commitment to open architecture and standards is expected to provide an even higher level of quality of services to Qatarlyst's customer base. It expands Qatarlyst's international reach and also offers access to Ebix's insurance focused staff of approximately 2,000 employees. Ebix's commitment to the London market modernization program, its existing relationships with top brokers and insurance companies around the world and its existing exchange presence in London, allows it the ability to be the e-platform of choice to power paperless transactions for the commercial insurance and reinsurance industry. Both Qatarlyst and Ebix intend to work to ensure a seamless transition of the business.
Khalid Al-Mughesib, the Deputy/Acting CEO of Qatarlyst, said, "We are delighted to announce the deal today with Ebix, Inc. With its leading market position, broad geographic reach and relevant experience, Ebix, Inc. is the ideal partner. This is a good outcome and on terms which reflect our investment over the last few years."