Funding Venture With BRiTAtlanta-based ebix.com has entered into a capital funding venture with U.K.-based BRiT Insurance Holdings PLC. The proceeds enabled ebix.com to acquire certain assets-including ownership of the entire customer base and intellectual property rights-of Atlanta-based Ins-Site Insurance Solutions Inc., which develops Internet-based products that automate data exchanges between carriers, agents and insureds. The transaction is contingent on the development and completion of a definitive agreement, which calls for ebix.com to issue 2.24 million shares of stock to BRiT for $2.8 million. This first round of financing gives BRiT a 16.4% equity ownership interest in ebix, becoming its largest stockholder.
Ebix Enters
June 01, 2001, 1:00 a.m. EDT 1 Min Read
