August 30, 2010 – Software provider Ebix Inc. will move forward into the health information field after it announced the acquisition of fellow Atlanta-based company A.D.A.M. Inc. Monday morning for $66 million.
Ebix, an international supplier of on-demand software and e-commerce services to the insurance industry, will purchase A.D.A.M., a provider of health information and benefits technology in the U.S. The deal was unanimously approved Monday morning by both company’s boards of directors, according to a news release.
Robin Raina, Ebix chairman of the board, president and CEO, said that the merger of the two complimentary companies should benefit customers during a “particularly challenging time” in the health care industry.
“This transaction will provide new cross selling opportunities on both sides while helping take A.D.A.M. services across the world,” Raina stated. “This deal is a strategic step forward to establish Ebix as a Health Information Exchange and is likely to be followed by other strategic steps in coming months and years.”
Benefits outlined in the merger – which gives A.D.A.M. shareholders 7-percent ownership in Ebix – include: end-to-end health and employee benefit software services on an SaaS-based on-demand platform; a stronger presence in the health information and insurance markets; information exchange with various consumer health products and connections to more than 18,000 hospital search engines worldwide.
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