Ebix Acquires Healthcare Magic
May 27 2014 - 7:30AM
Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
finance and healthcare industries, today announced that it has
acquired Healthcare Magic – a medical advisory service with an
online network of approximately 15,000 General Physicians and
Surgeons spread across 50 specialties including alternative
medicine. Ebix will integrate the services from this acquisition
into its A.D.A.M. Health Division. Ebix funded this transaction
using its internal cash reserves.
Funded by Accel Partners before acquisition, the acquired
Company's services can be accessed on www.healthcaremagic.com or by
searching for "Ask a Doctor" service on Android
Play Store or Apple iTunes. This acquisition is an important
element in Ebix's telemedicine strategy as the Company works
towards the goal of accessible healthcare for anyone, anywhere.
Healthcare Magic's round the clock "Ask a
Doctor" service allows a consumer to write a health query,
attach a picture or upload a lab report and post to doctors across
the world in just a few clicks. The Company's online network of
Doctors answers the questions in minutes, with thousands of Doctors
spread across geographies and time zones. By delivering fast and
convenient access to quality care without having to leave the home
or office, the service improves employee productivity and
significantly reduces utilization of more costly alternatives, such
as emergency rooms or urgent care facilities.
With an average of 130 queries per hour, and a strong social
networking presence of over 1 million twitter and Facebook
followers, the Company has emerged as a premier exchange of health
advisory data between doctors and consumers in the United States.
The service can be accessed on the web or from any mobile phone as
an app using Android Play store or Apple iTunes service.
Consumers can access the service on per usage or subscription
based approach. The Company prides itself for its high satisfaction
rates while offering a guaranteed no questions asked 100% refund,
to any dissatisfied user. The Company's user base spans across the
world, with 70% of its users coming from the United States.
The Company caters to the B2B segment also by offering the
service to Employers, who in turn offer it to their employees as a
part of the Health and Wellness package. The employees and their
families use the "Ask a Doctor" or "Ask a Dietician" service
allowing them to seek advice on a 24-hour by 7-day basis. Large
employers such as Vodafone, HSBC, McAfee, Akamai, Sapient, ICICI,
Airbus, Bajaj and BMW etc. in India use the B2B service at present.
Ebix intends to launch the B2B service in the United States, to its
network of hundreds of employers using its A.D.A.M. Health and
wellness solutions.
Ebix President and Chief Executive Officer Robin Raina said, "We
are quite excited about this acquisition as this will open up the
Consumer channel for Ebix's various services besides helping us to
expand our health and wellness portfolio of services for B2B
clients. We also intend to offer this service to thousands of
hospital clients, allowing them to create a private network between
their Doctors and their patients. We see health and wellness
coaching emerging as one of the most exciting fields in the United
States and beyond."
Robin added, "Our vision is to create the largest online
exchange of health data between Doctors and consumers in the world,
with tens of thousands of Doctors available for medical advice and
treatment. The launch of A.D.A.M. OnDemand™ recently and now this
acquisition are logical steps in that direction. The Company
intends to next work towards the launch of a fully integrated
cloud-based global medical treatment exchange for patients and
healthcare providers with integrated phone and video based calling
services."
The Company paid $6 million in cash for Healthcare Magic with a
contingent earn out of up to $12.5 million payable after 2
years.
About Ebix, Inc.
A.D.A.M. is a business unit of Ebix focused on providing
innovative multimedia health content trusted by best-in-class
websites, consumer health portals, healthcare, biomedical, medical
device, pharmaceutical, and academic organizations. For more
information on A.D.A.M. OnDemand™, visit www.adamondemand.com
A leading international supplier of On-Demand software and
E-commerce services to the insurance industry, Ebix, Inc.,
(Nasdaq:EBIX) provides end-to-end solutions ranging from
infrastructure exchanges, carrier systems, agency systems and risk
compliance solutions to custom software development for all
entities involved in the insurance industry.
With 35+ offices across Australia, Brazil, Canada, India, New
Zealand, Singapore, the US and the UK, Ebix powers multiple
exchanges across the world in the field of life, annuity, health
and property & casualty insurance while conducting in excess of
$100 billion in insurance premiums on its platforms. Through its
various SaaS-based software platforms, Ebix employs hundreds of
insurance and technology professionals to provide products, support
and consultancy to thousands of customers on six continents. For
more information, visit the Company's website at www.ebix.com.
CONTACT: Investors
Steven N. Barlow, Vice President - Investor Relations
678-281-2043 or steve.barlow@ebix.com
Aaron Tikkoo
678-281-2027 or atikkoo@ebix.com
A.D.A.M. Marketing
Kristin Blake Harper, Marketing
404-418-9892 or kristin.harper@ebix.com
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