Ebix, a Georgia-based insurance core systems vendor, has made an offer to acquire fellow vendor Patriot National.
The offer is for $9.50 per share of Patriot, according to Ebix. Its goal is to expand its presence into the workers' compensation market that Patriot specializes in.
"The addition of Patriot National’s workers compensation insurance technology and outsourced services will complement and strengthen a world leading insurance domain focused company with an unparalleled repertoire of products and services," according to the Ebix statement. "The merged entity would become the world’s largest provider of straight through processing in the insurance services industry, offering on-demand based front end systems, back end systems, exchanges, strategic consulting and risk compliance services all under one roof."
Patriot National didn't respond to a request for comment by publication time. A representative for Ebix said he was not aware of any movements from either company since the offer was made public June 15.
Ebix has been on the hunt for an acquisition since at least last year, when it made overtures to Xchanging. That company was eventually acquired by CSC.
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