Atlanta-based Ebix, which provides software and e-commerce services to the insurance industry, has agreed to be acquired by an affiliate of Goldman Sachs.
The transaction is valued at approximately $820 million and should close in the third quarter of this year. Ebix will become a private company at that time.
"After considering a number of potential alternatives, the Ebix board, acting on the recommendation of a special committee comprised entirely of independent directors, unanimously approved this transaction, which provides significant and immediate value to shareholders," Robin Raina, Chairman and CEO of Ebix, says in a statement. "With our market-leading servicing platforms and talented team of insurance and technology professionals, Ebix will be well-positioned as a private company to continue to execute on our strategic initiatives and pursue growth opportunities around the world."
The proposal is subject to antitrust approvals, shareholder approval and other customary closing conditions.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio