Atlanta-based insurance software developer Ebix, Inc. has agreed to acquire San Diego based ConfirmNet Corp. effective Nov. 1, 2008.
The closing is expected subject to the merger being ratified by the ConfirmNet shareholders.
Founded in 1999, ConfirmNet offers software issuing and tracking certificates of insurance (COI).
The deal will involve cash payments to ConfirmNet shareholders plus a number of earn-out cash payments, based on specific revenue numbers that are achieved in Q4 of 2008 and the full year of 2009. The company presently estimates the total payments due until January 2009 to be in the range of $10 to $11 million, varying based upon the fourth quarter revenue performance of ConfirmNet.
Ebix said it intends to fund this transaction through internal sources using its own cash reserves. No Ebix shares were issued in the transaction.
Source: Ebix
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