ATLANTA – December 23, 2016 –
Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand
software and E-commerce services to the insurance, financial, e-governance and
healthcare industries, today announced that it has acquired Rio De Janeiro
based WDev Soluções em Tecnologia S/A, with the goal of becoming the largest
one-stop insurance software services provider in Brazil, while offering a wider
repertoire of insurance related software services to prospective clients in
Latin American markets.
Under
the terms of the agreement, Ebix’s Latin American subsidiary has acquired all
of the outstanding capital stock of WDEV. Ebix funded the purchase using its
internal cash reserves, with no Ebix shares being issued. Ebix expects the
transaction to be immediately accretive for its shareholders.
The
Company also announced that it has retained the entire senior management team
led by Guillermo Reid, founder and CEO of WDEV, who will continue to lead the
WDEV Division of Ebix as Vice President and Division Head.
WDEV
is a specialized software and services firm focused primarily on the insurance
marketplace since 2012. The Company provides technology and operational
consulting, straight through processing services, and Software-as-a-Service
(SaaS) products to the insurance industry. WDEV services include Business and
IT Consulting, Migrations, Conversions, Integrations and Business Process
Automation. WDEV revenue run rate at present is approximately US$11 million
annually.
“Over
the last 5 years, WDEV, has built a strong reputation for its extensive domain
knowledge, technical expertise and ability to innovate while delivering and
deploying exceptional insurance software,” Guillermo Reid, Founder and CEO of
WDEV, said. “In Ebix, we found a Company who shared our vision of providing a
one stop shop experience to the industry while making our services available to
insurers, brokers, agents and service providers.”
Robin
Raina, President and CEO of Ebix, Inc. said, “WDEV is recognized in the
Brazilian insurance marketplace for its innovative products and services as
also its extensive domain knowledge of insurance. Between Ebix and WDEV, our
combined operation now forms the single largest insurance software services
provider in Brazil, opening up cross selling opportunities and allowing us to
target larger turnkey deals now.”
Raina
added, “Under its new name Ebix Consulting, WDEV will have access to the full
range of hundreds of high-quality developers and business analysts already
employed by Ebix, as well as the sales and marketing infrastructure to seek
large on-site and offshore turnkey projects. We recognize that the insurance
industry values domain-specific knowledge, and thus are excited to have access
to an additional spectrum of complementary leading solutions as well as the
extensive strategic consulting expertise of WDEV’s 270 employees.”
No
financial advisors were involved in the transaction from the Ebix side.
About WDEV
Rio
De Janeiro based WDEV is a specialized software and services firm focused
primarily on the insurance marketplace since 2012. The Company provides
technology and operational consulting, Straight through processing services,
and Software-as-a-Service (SaaS) products to the insurance industry. WDEV
services include Business and IT Consulting, Migrations, Conversions,
Integrations and Business Process Automation. For more information, visit the
Company’s website at http://www.wdev.com.br
About Ebix, Inc.
A
leading international supplier of On-Demand software and E-commerce services to
the insurance, financial, e-governance and healthcare industries, Ebix, Inc.
provides end-to-end on-Demand solutions ranging from infrastructure exchanges,
front end & back end enterprise systems, outsourced administrative &
custom software development solutions, and risk compliance solutions for
various entities involved in these industries.
With
40+ offices across Australia, Brazil, Canada, India, New Zealand, Singapore,
the US and the UK, Ebix powers multiple exchanges across the world in the field
of life, annuity, health and property & casualty insurance while conducting
in excess of $100 billion in insurance premiums annually on its platforms.
Through its various SaaS-based software platforms, Ebix employs hundreds of
domain specific business and technology professionals to provide products,
support and consultancy to thousands of customers on six continents. For more
information, visit the Company’s website at www.ebix.com
Contact:
Darren
Joseph
678-281-2020 or IR@ebix.com
David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com
678-281-2020 or IR@ebix.com
David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com
, a leading international supplier of On-Demand software and E-commerce services t...){kind=link}
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