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Ebix Acquires Healthcare Magic
Ask a Doctor Service With Online Network of Approx. 15,000 Doctors
ATLANTA, May 27, 2014 (GLOBE NEWSWIRE) -- 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 firstname.lastname@example.org Aaron Tikkoo 678-281-2027 or email@example.com A.D.A.M. Marketing Kristin Blake Harper, Marketing 404-418-9892 or firstname.lastname@example.org