ebix.com Inc. signed a memorandum of understanding with Chicago-based iwix.net LLC Specialty Insurance Marketplace to acquire certain iwix.net assets, including software, the intellectual property rights of all iwix.net products, and access to iwix.net agency and carrier partners. The transaction is contingent on the development and completion of a final agreement.
ebix.com indicated it will gain access to the more than 3,100 independent brokers and agencies and 43 carrier/MGA (Managing General Agent) members who had signed up with iwix.net over the last year. However, it will not be responsible for any of iwix.net’s liabilities.
iwix.net was the first independent business-to-business online marketplace to bring agents and brokers together with specialty insurance carriers. The company ceased operations on April 30, 2001 after it was unable to raise additional funding.
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