Ebix Acquires Michigan Based Insurance BPO - Periculum Services Group
biz.yahoo.com
Friday April 25, 8:55 am ET
ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ:EBIX), a leading international developer and supplier of software and e-commerce solutions to the insurance industry, today announced that it has acquired Michigan-based Periculum Services Group and merged it with its existing certificate tracking division Ebix BPO – IDS.
Periculum Services Group (http://www.periculum.com) was established in 1999 as an extension of a certificate tracking software project completed in 1998. Periculum has emerged as one of the key players in the insurance certificate tracking industry with a customer base spread across many different industries. It presently services these customers from its national service center based in Portland, Michigan.
Robin Raina, chairman, president and CEO of Ebix, Inc., said, "The acquisition of Periculum is a step forward towards consolidating the rather fragmented insurance certificate tracking industry in the United States. The merger of Periculum with IDS will help establish Ebix BPO – IDS as a leading BPO provider in the insurance industry. With a customer base ranging from top names like Burger King, Ford, SPX and Subaru, Periculum helps us strengthen our customer portfolio even further and create an undisputed leader in the insurance certificate tracking business.”
“We are pleased that the acquisition provides us with a new BPO service center base in Portland, Michigan, and an experienced employee base that has delivered consistently and brings additional specialized insurance BPO expertise to Ebix,” added Raina. “We intend to immediately integrate Periculum into our existing Ebix BPO – IDS division. The Periculum Founder and President David Brown will take over as Chief Thinking Officer of the Ebix BPO – IDS Division.”
Ebix considers the size of the acquisition immaterial to its 2008 financial results and thus did not disclose the financial details of the transaction. Ebix funded this transaction through internal sources using its own cash reserves. No Ebix shares were issued in the transaction. |
