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November 3, 2014

New Britain biz-IT firm acquired by Ebix

New Britain IT and business consultancy Vertex Inc. has been acquired by Ebix, a publicly traded Atlanta software and services provider, the two announced.

Ebix, which focuses on the insurance, financial and healthcare industries, said the 190-employee Vertex will continue to be led by Steven Wilson, senior vice president, under the name Ebix Consulting.

Ebix didn’t disclose the purchase price, but said the deal was funded with a mix of cash reserves and a bank credit line. The company issued no additional shares.

Vertex was founded in 1991 and focuses on the life and annuity insurance industries. Nearly half of Vertex’s revenue comes from blue-chip companies, according to Ebix.

Ebix said Vertex is a known name in its markets.

"Vertex is recognized in the life and annuity insurance marketplace for its innovative products and services that have helped both define standards and connect competing service providers, to allow them to interact with insurers on common interfaces,” Robin Raina, Ebix president and CEO, said in a statement.

Ebix Consulting will get access to its new parent company’s developers and business analysts and sales and marketing infrastructure.

Ebix has 40 offices across the world and says it conducts more than $100 billion in insurance premiums on its software platforms.

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