SAN DIEGO, CA -- (MARKET WIRE) -- 08/01/08 -- Software Equity Group today announced itsclient Acclamation Systems, Inc., a leading provider of SaaS-basedhealthcare benefits and claims management software, has been acquired byEbix, Inc., the international developer and supplier of software ande-commerce solutions for the insurance industry. The transaction includes acash payment at closing of $22 million to Acclamation shareholders, plus apotential earn-out cash payment of up to $3 million paid over a period of 2years from the date of acquisition, if specific revenue targets of the newHealth Benefits division of Ebix are achieved. Ebix funded the acquisitionthrough a mix of convertible debt and internal sources using its own cashreserves.Robin Raina, Chairman, President and CEO of Ebix, Inc., said, "Theacquisition of Acclamation Systems is another step forward towardestablishing Ebix as a leading powerhouse of insurance transactions in theworld. It will mark Ebix's entry into the fast growing health benefits andclaims processing sector of the insurance industry."
Joe Ott, the founder and owner of Acclamation Systems, said, "This is theright move for our customers, our employees and the company. Joining forceswith Ebix provides us with access to additional resources to build on ourtrack record of success. I'm confident the company is in good hands."Software Equity Group, L.L.C. served as financial advisor to Acclamation.
About Software Equity Group (SEG)
Software Equity Group is an investment bank and M&A advisory serving thesoftware and technology sectors. Founded in 1992, the firm provides bothsell-side and buy-side representation to privately held companies, U.S. andforeign public companies, and several of the world's leading private equityfirms. SEG has advised and guided software and technology companies in theUnited States, Canada, Europe, Asia Pacific, Africa and Israel. The firm'squarterly Software Industry Equity Reports are read by some 15,000 softwareindustry executives, entrepreneurs and equity investors. For moreinformation, visit www.softwareequity.com.
For questions please contact:
Bryan Warren
Sr. Vice President
Software Equity Group
858-509-2800
