TriSystems Ltd, a web-based insurance trading organization based in London, has recently been taken over by Ebix (News - Alert) Inc. The Ebix Exchange Division of Ebix Europe will now be responsible for promoting the TriSystems offerings and services.
The Ebix earnings per share is expected to rise due to this acquisition. The Ebix dealing took place without the participation of any investment bankers nor was any Ebix shares distributed because the entire transaction was completed using cash.
In a release, Robin Raina, president and CEO, Ebix said, “This is clearly a strategic acquisition for us as it provides us a base in one of the largest insurance markets in the world and helps us introduce EbixExchange services and CRM solutions to the London market. TriSystems provides Ebix with an on-demand SaaS (News - Alert) service that supports the transactions of all types and classes of large commercial insurance and facultative and treaty reinsurance. We are excited about the possibilities it offers us both in the London markets and in the worldwide reinsurance markets.”
According to Robin, Ebix acquired TriSystems mainly for its major chunk of recurring revenue streams, minimal client attrition rate, and popular technologies with a well-established management. Ebix services can now be cross-sold in the London markets through TriSystems.
Jeff Ward, business development director, TriSystems said, “Ebix’s expertise in the insurance industry coupled with its commitment to open architecture and standards will help us provide an even higher level of quality of services to our customer base.”
Adding, “It expands our international reach and also offers us access to Ebix’s insurance focused staff of approximately 2000 employees. Ebix’s commitment to the London market modernization program and its existing relationships with top brokers and insurance companies around the world allows us the ability to be the e-platform of choice to power paperless transactions for the commercial insurance and reinsurance industry.”
The ACORD XML messaging standards and other global standards are utilized by the TriSystems products and services for ensuring competent and lucrative communication between Underwriters and Brokers.
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Edited by Brooke Neuman