Ebix, an Atlanta-based provider of on-demand and e-commerce services for the insurance industry, has agreed to acquire Rio de Janeiro-based USIX Technologies, an insurance exchange, through a Sao Paulo-based subsidiary.
USIX Technologies provides exchange solutions for the insurance industry in Brazil, specializing in Internet interface solutions for insurance companies and their agents, including pricing, multi-quoting for brokers, underwriting, contract binding and broker systems. Its clients include Bradesco Seguros and SulAmerica.
"Brazil is one of the fastest growing insurance markets in the world today and we are keen to position ourselves early in this market," says Robin Raina, president and CEO of Ebix, in a statement. "We liked the solution set, the enterprise play, the recurring revenue base and the energy levels of the management. All of that contributed to our decision-making."
Terms of the deal, which is set to close September 28, were not disclosed.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio