Ebix Acquires Sydney Based Fintechnix
SYDNEY, Australia, June 1, 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 its Australian operation has acquired Fintechnix, a leading supplier of web based straight through processing solutions to the Australian Life Insurance and Wealth Management sectors.
Ebix (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.
Ebix Australia is one of the largest suppliers of On-Demand e-commerce and business solutions to the Australian General Insurance market with a range of industry leading transaction processing, back-office and data exchange solutions. More than eighty percent (80%) of the insurance intermediaries in Australia rely on Ebix technology.
Fintechnix is an Australian information technology company that has been delivering enterprise-wide innovation to the front and back office operations of financial services providers since 1992. As Australia's leading provider of e-commerce solutions to the life and financial services industry, Fintechnix has leveraged its powerful capacity to deliver a seamless, end-to-end solution for the life insurance industry with front office sales, back office and servicing functions. These integrated service offerings are available through domain specific specialist modules for life insurance, superannuation and investments.
The addition of the Fintechnix range of solutions allows Ebix to expand its presence in Australia, into the growing Life Insurance and Wealth Management sectors, as also allowing Ebix to cross sell its Life and wealth management based CRM solutions interfaced with Fintechnix solutions into the Australian markets.
Fintechnix's OneOffice platform provides the convergence between back office capabilities and front office and servicing functions. In addition to back-office processing, OneOffice provides secure web based access to advisors, third party sales functions, customers and reinsurers. It provides for Straight Through Processing in life insurance and wealth management, by providing a total end-to-end solution to support the sales and administration functions.
Ebix Australia Managing Director Leon d`Apice said, "The Life and Wealth Management sectors are constantly growing markets. Fintechnix OneOffice coupled with our data exchange and On-Demand e-commerce expertise will allow Ebix to introduce innovative solutions to improve operational efficiencies while introducing new service levels to this exciting market segment."
Leon added, "As a global supplier of insurance solutions, we look to take advantage of technologies introduced into overseas markets that will benefit Australian Life Insurance companies. We believe that our domain specific expertise in the CRM and data exchange areas coupled with Fintechnix's end-to-end solutions for the life insurance and wealth management industry, will allow us to offer niche straight through processing solutions in the Australian markets."
Fintechnix Managing Director John Groves said, "We are excited to be joining the Ebix family. Ebix's insurance expertise, focus and commitment to straight through processing were key in our decision to merge with Ebix. The fact that Ebix has access to hundreds of developers, the domain expertise in the space and is committed to the life and wealth space, were a big plus in our book. We look to leverage each other's abilities to take a market leadership role in the Australian insurance markets."
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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Founded in 1992, Sydney based Fintechnix is an Australian information technology company that has been delivering enterprise-wide innovation to the front and back office operations of financial services companies in Australia. The Company's integrated service offerings are available through specialist modules for life insurance, superannuation, wealth management and investments. For more information, visit the Company's website at http://www.fintechnix.com.au/
CONTACT: Leon d`Apice, Ebix Australia +61-2-8467-3000 or email@example.com Or Neil van Helden, Ebix Marketing +1-678-242-2824 or firstname.lastname@example.org
Source: Ebix, Inc. 2012 GlobeNewswire, Inc.