Ebix, BriT Finalize $7 Million Investment

Atlanta-based ebix.com Inc., an e-commerce portal for the insurance industry, has completed the second and final closing within its agreement with U.K.-based BRiT Insurance Holdings PLC. ebix issued 4.7 million shares of its common stock in return for a cash consideration of $4.2 million. BriT transferred to ebix approximately half of its common stock in Insurance Broadcast Systems Inc., representing 28% of IBS's issued share capital. Based in Chicago, IBS is a broadcaster of streaming video to the insurance and financial services industry. The final closing brings BriT's total cash investment in ebix to $7 million. During the first closing, ebix.com issued 2.2 million shares of stock in return for a BriT cash investment of $2.8 million. As a stipulation within the second closing, BRiT has the right to designate two members of the company's board of directors. The venture enables ebix to acquire certain assets, including ownership of the entire customer base and intellectual property rights of Atlanta-based Ins-Site Insurance Solutions Inc., a BriT property.