Company: A.D.A.M. Inc., ADAM
ADAM shares up as much 81 pct at nearly two-year high
Ebix Inc (EBIX.O), a software supplier to insurance industry, said it will buy ADAM Inc (ADAM.O) for $66 million to expand its operations in the health insurance sector.
Under the all-stock deal, shareholders of ADAM, a software and services provider to the healthcare industry, will receive 0.3122 of Ebix stock for each share held in ADAM, Ebix said.
The transaction is expected to add to earnings immediately and boost earnings per share in the first year by 15 cents, the company said in a statement.
Ebix said the deal is expected to close later this year, following which ADAM shareholders will own about 7 percent of the combined company.
A.D.A.M., Inc. provides online information and technology solutions for employers, benefits brokers, healthcare organizations, and online media companies primarily in the United States. The company's health information solutions provide information on diseases, symptoms, treatments, surgical procedures, specialty medicine and topics, and alternative medicine.
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