NU Online News Service, May 22, 10:08 a.m. EDT
Atlanta-based insurance technology provider Ebix Inc. said it has acquired Facts Services Inc., headquartered in Coral Gables, Fla., in a transaction involving an upfront cash payment of $6.5 million.
The company said it funded the acquisition through internal sources using its own cash reserves. No shares of Ebix's capital stock were issued as part of the deal.
Founded in 1981, Facts Services is a provider of fully automated and integrated software and hardware solutions for health care payers, specializing in claims processing, employee benefits, risk management, cost containment and managed care.
Ebix said the acquisition is expected to be a valuable addition to the company's EbixExchange channel. It intends to combine this acquisition with its Pittsburgh division under the EbixHealth name. The move, Ebix said, would provide "the industry with an expanded roster of services in a seamless manner."
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