NU Online News Service, May 22, 10:08 a.m.EDT

Atlanta-based insurance technology provider Ebix Inc. said ithas acquired Facts Services Inc., headquartered in Coral Gables,Fla., in a transaction involving an upfront cash payment of $6.5million.

The company said it funded the acquisition through internalsources using its own cash reserves. No shares of Ebix's capitalstock were issued as part of the deal.

Founded in 1981, Facts Services is a provider of fully automatedand integrated software and hardware solutions for health carepayers, specializing in claims processing, employee benefits, riskmanagement, cost containment and managed care.

Ebix said the acquisition is expected to be a valuable additionto the company's EbixExchange channel. It intends to combine thisacquisition with its Pittsburgh division under the EbixHealth name.The move, Ebix said, would provide "the industry with an expandedroster of services in a seamless manner."