Melissa Davis • 46 Comments
Contrarian Research • 29 Comments
Dec. 10, 2015, 4:29 AM
- Insurance software company Ebix (NASDAQ:EBIX) is still interested in making an offer for Xchanging (OTC:XCNGF), a day after Computer Sciences (NYSE:CSC) agreed to buy the British outsourcing company for about £480M.
- Last month, Ebix made a £450M takeover approach for Xchanging, which offers services ranging from back-office invoice processing to insurance claims settlement.
- Previously: CSC makes cash offer for Xchanging (Dec. 09 2015)
Nov. 16, 2015, 10:17 AM
- Insurance software/Web services firm Ebix (EBIX -2%) states it's interested in making a 175 pence/share, or $685M, offer for U.K. software outsourcing/BPO services firm Xchanging (OTC:XCNGF). Such a bid would top a 170 pence/share offer Computer Sciences (CSC +0.4%) made last week, as well as the 160 pence/share deal Xchanging previously agreed to with peer Capita.
- Both Ebix ($1.12B market cap) and CSC are offering cash for Xchanging. Ebix CEO Robin Raina: "We see substantial synergies, economies of scale and growth potential for the combined business. Our interest in making an offer for Xchanging plc is borne out of our belief that a combination of the two companies could be substantially and immediately accretive to Ebix's EPS while also adhering to our other stringent criteria."
- Xchanging is up 5.6% in London to 178.00 pence, as markets bet the bidding war isn't over. Ebix, which recently shot higher following a Q3 beat, is down moderately. Per U.K. law, the company has until Dec. 9 to "announce a firm intention" to bid for Xchanging, or to declare it doesn't intend to do so.
Mar. 3, 2015, 11:47 AM
- Ebix (EBIX -1.3%) has acquired Via Media Health, an Indian provider of "Healthcare PR, Digital Communications & integrated communication solutions and content services for Consumer Healthcare, Hospitals, Medical Devices, Diagnostics and the Pharmaceutical industry." Terms are undisclosed.
- Ebix plans to add Via to its A.D.A.M. health information exchange unit. Back in December, the company bought Oakstone Publishing, a U.S. provider of certification materials and continuing education products for healthcare professionals (also integrated with A.D.A.M.).
Dec. 2, 2014, 2:46 PM
- Ebix (EBIX -0.2%) has acquired Oakstone Publishing, a provider of "continuing education, certification materials for physicians, dentists and allied healthcare professionals, as well as wellness resources for organizations." Terms are undisclosed; the deal is expected to be immediately accretive.
- Ebix plans to integrate Oakstone with its A.D.A.M. health info exchange unit. The company notes Oakstone "sold a continuing education product to approximately one in 10 U.S. doctors over the last six years," and that it gets over 80% of its revenue from services paid for by medical professionals.
- Other recent Ebix acquisitions: Vertex, Healthcare Magic.
- Yesterday: Ebix strikes deal with acitivist
Nov. 3, 2014, 12:13 PM
- Connecticut-based Vertex provides software for defining/publishing life and annuity insurance product info, and several data and software development tools for insurance firms. The company also provides management consulting services.
- Ebix (EBIX -0.3%) says it acquired Vertex to establish "a non-aligned worldwide strategic management consulting practice targeted at the insurance, healthcare and financial industries all across the world." Ebix paid with a mixture of cash on hand and bank credit - the price is undisclosed - and says the deal is expected to boost EPS by $0.10-$0.15/year.
- Vertex will be renamed Ebix Consulting. Founder Steven Wilson will lead the unit as an Ebix SVP.
Jun. 19, 2013, 7:58 PM
Ebix's (EBIX) merger agreement with a Goldman Sachs affiliate has been terminated. The termination is the result of Ebix's receipt of a letter from a U.S. Attorney for the Northern District of Georgia stating it has "opened an investigation into allegations of intentional misconduct" found in recent shareholder class action suits against Ebix. The letter follows an SEC investigation into Ebix's accounting launched earlier this year. EBIX -25% AH. SA contributor Gotham City Research has been quite critical of Ebix's accounting for some time.| Jun. 19, 2013, 7:58 PM | 4 Comments
May 1, 2013, 9:49 AM