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Ebix Acquires Finetre Corporation.
2006-09-25, HostMan.biz Ebix Inc., a developer and supplier of software and e-commerce services to the insurance industry, said Monday it agreed to acquire Virginia-based Finetre Corp. for $13 million in cash plus a potential earn-out cash payment of up to $3 million spread over two years. Ebix intends to fund this transaction through a combination of internal sources and a recently signed $12 million credit line with LaSalle Bank. No Ebix shares will be issued in the transaction. The closing is expected to occur on Oct. 2. Founded in 1997, Finetre is an ASP software technology firm focusing on transaction processing and compliance automation in the financial services industry. The acquisition adds an annuity exchange, AnnuityNet, which services about $15 billion in annuity premiums each year over the Internet. The acquisition is expected to add to Ebix earnings per share for 2007. The company plans to merge Finetre with its EbixLife unit, which will then serve 48 insurers and hundreds of distributors. |
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