Atlanta-based Ebix, Inc, a supplier of On-Demand software and E-commerce services to the insurance industry, announced that it has acquired London-based TriSystems Ltd., an online insurance trading hub that facilitates commercial insurance and reinsurance transactions between London intermediaries and insurance companies.
“The TriSystems products and Services will now become a part of the EbixExchange Division of Ebix Europe,” said the company’s announcement. Ebix also said it “expects the transaction to be immediately accretive to Ebix Earnings per Share (EPS).” The acquisition is being funded “completely in cash. No Ebix shares were issued and no investment bankers were involved in the transaction.”
The TriSystems On-Demand SaaS platform communicates electronic endorsements and placements with underwriters using ACORD messaging over the Lloyd’s Exchange together with A&S (Accounting and Settlement) and ECF (Electronic Claims File) via the Insurance Market Repository.
All functions are accessed through a single user portal on the Internet. The TriSystems products and services enable efficient and cost-effective communication between Underwriters and Brokers using the ACORD XML messaging standards, together with other UK and worldwide messaging standards like EDI and XML.
Ebix President & CEO Robin Raina described the acquisition as clearly strategic, indicating that it “provides us a base in one of the largest insurance markets in the world and helps us introduce EbixExchange services and CRM solutions to the London market.
“TriSystems provides Ebix with an on-demand SaaS service that supports the transactions of all types and classes of large commercial insurance and facultative & treaty reinsurance,” he continued. “We are excited about the possibilities it offers us both in the London markets and in the worldwide reinsurance markets.
“With 70 percent plus recurring revenue streams, low customer attrition rates, proven management record, complimentary technologies and SaaS based architecture, TriSystems met our criteria of a good acquisition target for Ebix,” he added. “We are pleased to have inherited a strong London based management team that can also help us cross-sell Ebix services in the London markets.”
TriSystems Business Development Director Jeff Ward explained that “Ebix’s expertise in the insurance industry coupled with its commitment to open architecture and standards will help us provide an even higher level of quality of services to our customer base.
“It expands our international reach and also offers us access to Ebix’s insurance focused staff of approximately 2000 employees. Ebix’s commitment to the London market modernization program and its existing relationships with top brokers and insurance companies around the world allows us the ability to be the e-platform of choice to power paperless transactions for the commercial insurance and reinsurance industry.”
Source: Ebix
Topics Mergers & Acquisitions InsurTech Tech Reinsurance Market London
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