Ebix acquires E-Z Data for $50m

Ebix, a provider of software and e-commerce services to the insurance industry, has acquired California-based E-Z Data for $50.35m to add E-Z Data's CRM for financial services to its EbixExchange channel.

The Georgia-based company said E-Z Data provides agency management, practice management, and enterprise CRM for financial services distribution including insurance companies, general agents, banks, investment dealers, agents, and financial advisors.

It said E-Z Data's presence in Japan, China and India will open new life and annuity channels for Ebix in Asia, Australia, Africa, Latin America and other regions. It said the acquisition brings it a revenue base that is subscription-based and 85% recurring.

Robin Raina, chairman, president and CEO at Ebix, said: "This acquisition will provide us access to a majority of the life and annuity brokers' desktop in the United States. E-Z Data CRM when blended into our life and annuity exchanges provides the insurance industry with end-to-end, enterprise-wide information exchange. The deal will strengthen our position in the global On-Demand CRM market, which according to analysts, is poised to reach $3.8 billion by 2013."

The company has been strengthening its on-demand software exchange through acquisitions. It recently acquired Ohio-based Peak Performance Solutions to strengthen its risk management and claims processing services. In May, it acquired Miami-based Fact Services to strengthen its EbixExchange channel.