Insurance Software Developer Ebix Buys ConfirmNet
Ebix, which develops software and e-commerce capabilities for the insurance industry, said it signed a deal to purchase ConfirmNet on Nov. 1.
In a later filing with the Securities and Exchange Commission, Ebix says it completed its purchase of Jenquest of Hemet, CA, a year ago for $11.25 million in cash.
ConfirmNet, founded in 1999, provides software-as-a service for issuing and tracking certificates of insurance. Jenquest also specializes in the certificate of insurance tracking industry.
Ebix, which acquired Michigan’s Periculum Services Group in April, says its BPO division already has the largest market share in the U.S. certificate tracking industry. The purchase of ConfirmNet, which ranks second, only strengthens its hand. Ebix counts AON, Marsh and Wachovia Insurance Services among its customers.
If shareholders approve the deal, Ebix says it expects to pay between $10 million and $11 million in cash for ConfirmNet, based on ConfirmNet’s fourth-quarter revenue performance.
The acquisition is expected to close by Nov. 22.