Ebix Buys Australia Tech Developer
NU Online News Service, June 28, 1:24 p.m. EDT?Ebix, Inc., a software developer and technology consultant for insurers, said it has signed an agreement to acquire Heart Consulting Pty, Ltd., based in Melbourne, Australia.[@@]
Under terms of the agreement, Atlanta-based Ebix would acquire Heart for $10.2 million Australian ($7.02 million U.S.). Ebix would pay $5.2 million Australian ($3.6 million U.S.) at closing and $2 million Australian ($1.4 million U.S.) over a three-year period. In addition, Ebix would pay $3 million ($2.1 million U.S.) in shares of common stock at the time of the closing. The price is based on the average closing share price over the 30-day period prior to the closing.
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