Ebix Takes Strategic Position in London With the Acquisition of Reinsurance Trading Hub - TriSystems
- 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 (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."
TriSystems Business Development Director Jeff Ward said, "Ebix's expertise in the insurance industry coupled with its commitment to open architecture and standards will help us provide an even higher level of quality of services to our customer base. It expands our international reach and also offers us access to Ebix's insurance focused staff of approximately 2000 employees. Ebix's commitment to the London market modernization program and its existing relationships with top brokers and insurance companies around the world allows us the ability to be the e-platform of choice to power paperless transactions for the commercial insurance and reinsurance industry."
Founded in 1992, TriSystems is the leading online Exchange messaging service for the London commercial and reinsurance industry. 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. TriSystems is based in the City of London. For more information, visit the Company's website at www.trisystemssoftware.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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CONTACT: Steven N. Barlow, Investor Relations 678-281-2043 or firstname.lastname@example.org Or Aaron Tikkoo, Investor Relations 678 -281-2027 or email@example.com Or Jeff Ward, Business Development Director - TriSystems Ltd +44 (0) 207-264 -0440 or firstname.lastname@example.org
Source: Ebix, Inc. 2012 GlobeNewswire, Inc.