Mergers and Acquistions News
Categories: Hardware
September 1st 2010, 15:53PM
Ebix Inc, a supplier of on-demand software and ecommerce products to the insurance industry, yesterday confirmed it had signed a merger agreement with A.D.A.M (ADAM), a health technology developer, in a deal worth $66 million (£43 million).
Both firms are Atlanta, US-based.
Under the terms of the merger agreement, ADAM's shareholders will receive 0.3122 of Ebix common stock for each share of ADAM. This means shareholders of ADAM will own seven per cent of the new entity after the deal fully completes.
The merger will help Ebix expand its expansion strategy in the health insurance sector. Robin Raina, chairman of the Ebix board and president and chief executive officer, said: "This is a move that accelerates our health insurance strategy and that we believe positions us to win by offering even greater value to our customers and partners."
Subject to approval, the merger is expected to complete later this year.
Last week Fortune magazine announced Ebix as the third fastest-growing company in the world.
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