CurePet and Ebix Announce Agreement to Deploy Cloud Based Pet Insurance Exchange
ATLANTA, May 4, 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 signed an agreement with CurePet to build and deploy a cloud based Pet Insurance Exchange.
The Company announced that effective 1st May 2012, Ebix (EBIX) has become the exclusive Information Technology and Development partner to CurePet and will provide all development and other IT related services to CurePet, including development, design, architecture, hosting, deployment, implementation and maintenance of the Pet Insurance Exchange.
CurePet's Pet insurance Exchange will connect pet owners, referring veterinarians at small practices, specialists at large animal hospitals, academic institutes, software developers and suppliers of medical and general pet supplies, while providing a wide variety of services related to pet insurance to each constituent including but not limited to Practice Management, Electronic Medical Records, billing and patient portals etc.
While Ebix will work as an IT provider to CurePet for an ongoing recurring monthly development fee, Ebix will also retain all rights to market and deploy the Pet Insurance exchange outside the United States. As a part of the agreement, Ebix has also taken a minority shareholding interest in CurePet, while retaining a right to grow its shareholding by a substantial amount over the next few years at its discretion.
CurePet Founder & CEO Ali Hashmat said, "We are excited to have Ebix as our exclusive IT and Development partner. Ebix's expertise in technology and insurance coupled with its successful record in deploying a wide variety of insurance-based services across the world made Ebix a natural partner for us. We intend to work very closely with Ebix to deploy the Pet Insurance Exchange both in the United States and abroad."
"CurePet has an innovative concept of creating a health insurance exchange for Pets. With an estimated 20 million pets in the United States, this market is ripe for the efficiency gains that a cloud based Exchange can offer to all the entities involved. CurePet has an opportunity to define the market and take a leadership position in this niche area, since no other Company has deployed a solution like this." Ebix Chairman of the Board, President & CEO Robin Raina said. "We look forward to working with CurePet as a development & IT partner, in addition to deploying and selling this exchange in other countries."
CurePet is a software provider of a integrated Practice Management and Electronic Medical Records (EMR) solution for the veterinary market. CurePet is presently building the first true cloud-based EMR software for the veterinary world, bringing together the referring community, specialist hospitals and, pet-owners. For more information, visit the Company's website at www.curepet.com
About Ebix, Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance industry, Ebix, Inc., (Nasdaq:EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and BPO services to custom software development for all entities involved in the insurance industry.
With 30+ offices across Brazil, Singapore, Australia, the US, New Zealand, India and Canada, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums on its platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of insurance and technology professionals to provide products, support and consultancy to thousands of customers on six continents. Ebix's focus on quality has enabled it to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM). With a recent ISO 27001-security certification, the Company also has an ISO 9001:2000 certification for both its development and BPO units in India. For more information, visit the Company's website at www.ebix.com
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Source: Ebix, Inc. 2012 GlobeNewswire, Inc.