Ebix Inc., an international supplier of on-demand software and e-commerce services to the insurance industry, announced that its merger agreement with an affiliate of Goldman, Sachs & Co. has been terminated. Both parties agreed to the termination of the deal, which was originally announced May 1, 2013.
The decision to terminate the merger agreement comes after Ebix received a letter from the U.S. Attorney for the Northern District of Georgia on June 14, which indicated it had opened an investigation into allegations of intentional misconduct. The potential misconduct came up as a result of pending shareholder class action lawsuits against the company’s directors and officers, the media and other sources.
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