Atlanta-based Ebix Inc., a CMMi level 5 software outsourcing company that provides software and services for all entities involved in the insurance industry, has acquired California-based E-Z Data Inc.
E-Z Data's Web-based agency management, practice management, and customer relations software serves insurance companies, general agents, banks, investment dealers, insurance agents and financial advisors.
Under terms of the agreement, Ebix has acquired all of the outstanding capital stock of E-Z Data for $50,350,000 payable as follows: $25,350,000 paid in cash at closing, and $25 million payable in 496,328 shares of the common stock of Ebix issued at the time of closing.
Robin Raina, chairman, president and CEO of Ebix, called the deal one of his company's "most strategic acquisitions since this will provide us access to a majority of the life and annuity brokers' desktop in the United States."
E-Z Data currently services many of the top 20 Fortune 500 life insurers, and more than 250,000 professionals worldwide. E-Z Data Life CRM solutions are now considered the industry standard for agency management, practice management and enterprise CRM, the company says. E-Z Data solutions cover the full gamut of financial services distribution, including insurance companies, general agents, banks, investment dealers, agents and financial advisors.
All E-Z Data exchange solutions are available in an on demand basis. Eighty-five percent of E-Z Data revenues are subscription-based, and recurring in nature. Further, E-Z Data has offices in California, Virginia, two development centers in India and various offices around the world such as China and Japan.
E-Z Data has the majority share of the life insurance broker CRM market in the United States, and supports the unique requirements of investment and insurance advisors, brokerage GAs, broker/dealers and carriers on a common, on demand CRM and distribution platform, notes the company.
This article can also be found at InsuranceNetworking.com.
Pat Speer is editor-in-chief of Insurance Networking News.
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