Ebix Inc., a supplier of software and eCommerce services to the insurance industry, has acquired 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 now will become a part of the EbixExchange Division of Ebix Europe.
Ebix says it expects the transaction to be accretive immediately to its earnings per share. Ebix disclosed that it funded this transaction 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 Accounting and Settlement and Electronic Claims File via the Insurance Market Repository, says Ebix. All functions are accessed through a single user portal on the Internet. The TriSystems products and services enable communication between underwriters and brokers using the ACORD XML messaging standards, together with other messaging standards, like EDI and XML.
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