Mergers and Acquistions News
Categories: BPO
November 12th 2008, 15:31PM
Software firm Ebix has signed an agreement to acquire business process outsourcing firm ConfirmNet for an expected $11 million (£7.2 million).
The deal, which will be effective from November 1st, is expected to close on November 22nd and is subject to the approval of ConfirmNet shareholders.
According to Robin Raina, chairman and president of Ebix, acquiring the firm - which specialises in web-based BPO software for the tracking of insurance certificates - will help his company secure its place in the market.
He said: "The acquisition of ConfirmNet is another step towards establishing Ebix as a leading BPO provider in the insurance industry."
The deal will also provide Ebix with a good management team and employee base, as well as an excellent portfolio of clients, Mr Raina added.
No Ebix shares were issued in the transaction and the final value of the deal depends on the revenue achieved by ConfirmNet in the last quarter of the year.
Ebix has its headquarters in Atlanta, Georgia but also has offices in the UK, Australia, New Zealand and Singapore.
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