NU Online News Service, Sept. 27, 3:40 p.m. EDT
Insurance technology provider to the insurance industry Ebix Inc. said it has acquired Rio de Janeiro-based insurance exchange USIX Technologies Inc.
USIX was acquired by Sao Paulo-based Ebix Latin America, the existing subsidiary of Ebix Singapore. The transaction will be completed Sept. 28, 2010.
Atlanta-based Ebix said it considers the size of the acquisition immaterial at present and is not disclosing the financial terms of the transaction. The acquisition was funded with cash and no Ebix shares were issued.
USIX Technologies is a provider of exchange solutions for the insurance industry in Brazil, specializing in Internet interface solutions for insurance companies and their agents. USIX's portfolio of Exchange solutions includes pricing, multi-quoting for brokers, underwriting, contract binding and broker system solutions.
In total, the Brazilian insurance industry comprises around 140 companies, which range from small, locally owned companies to large, multinational organizations, Ebix said. Total insurance market revenue is over $57 billion.
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