Atlanta-based Ebix announced yesterday that it signed a deal to buy San Diego’s ConfirmNet, the latest in a series of acquisitions in the certificate of insurance tracking industry.
Ebix, which develops software and e-commerce capabilities for the insurance industry, said it signed a deal to purchase ConfirmNet on Nov. 1.
In a later filing with the Securities and Exchange Commission, Ebix says it completed its purchase of Jenquest of Hemet, CA, a year ago for $11.25 million in cash.
ConfirmNet, founded in 1999, provides software-as-a service for issuing and tracking certificates of insurance. Jenquest also specializes in the certificate of insurance tracking industry.
Ebix, which acquired Michigan’s Periculum Services Group in April, says its BPO division already has the largest market share in the U.S. certificate tracking industry. The purchase of ConfirmNet, which ranks second, only strengthens its hand. Ebix counts AON, Marsh and Wachovia Insurance Services among its customers.
If shareholders approve the deal, Ebix says it expects to pay between $10 million and $11 million in cash for ConfirmNet, based on ConfirmNet’s fourth-quarter revenue performance.
The acquisition is expected to close by Nov. 22.
Author: Bruce V. Bigelow
In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here.
Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University.
Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.
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