Ebix, a supplier of on-demand software and e-commerce services to the insurance industry has acquired TriSystems, a Londoner online insurance trading hub that facilitates commercial insurance and reinsurance transactions between London intermediaries and insurance companies.
As per the clauses of the deal, the TriSystems products and services will now become a part of the EbixExchange Division of Ebix Europe.
Ebix said that the acquisition was a cash only transaction and no Ebix' shares being issued nor involvement of investment bankers.
According to the acquirer, the TriSystems on-demand SaaS platform communicates electronic endorsements and placements with insurers using ACORD messaging over the Lloyd's Exchange together with Accounting and Settlement (A&S) and Electronic Claims File (ECF) through the insurance market repository.
The TriSystems products and services are complement to ACORD XML messaging standards, the UK and worldwide messaging standards such as EDI and XML, thus offer efficient and cost-effective communication between underwriters and brokers, claims TriSystems.
Ebix president & CEO Robin Raina said this is clearly a strategic acquisition for the firm as it provides it a base in one of the largest insurance markets in the world and helps it to 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. We are excited about the possibilities it offers us both in the London markets and in the worldwide reinsurance markets," Raina added.
"With 70% 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."
