Ebix, a supplier of on-demand software and e-commerce services to the insurance industry, announces that it has acquired London-based TriSystems Ltd., an online insurance trading hub that facilitates commercial insurance and reinsurance transactions between London intermediaries and insurance companies. The TriSystems products and services will now become a part of the EbixExchange division of Ebix Europe.

Ebix expects the transaction to be immediately accretive to Ebix earnings per share (EPS). Ebix disclosed that it funded this transaction completely in cash. No Ebix shares were issued and no investment bankers were involved in the transaction.

The TriSystems SaaS platform communicates electronic endorsements and placements with underwriters using ACORD messaging over the Lloyd's Exchange together with A&S (Accounting and Settlement) and ECF (Electronic Claims File) via the Insurance Market Repository. All functions are accessed through a single user portal on the Internet. The TriSystems products and services enable communication between underwriters and brokers using the ACORD XML messaging standards, together with other UK and worldwide messaging standards like EDI and XML.

"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," says Robin Raina, president and CEO of Ebix. "TriSystems provides Ebix with an on-demand SaaS 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."

"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," says Jeff Ward, business development director for TriSystems. "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."
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