Zinnia Closes Acquisition of Ebix?s North American Life and Annuity Assets

02.04.2024 - 07:00:54

Business Wire India

Zinnia Corporate Holdings (“Zinnia” or “the Company”), an Eldridge Industries business and leading life and annuity insurance technology services company, and Ebix, Inc. (“Ebix”), a supplier of software solutions, today announced that Zinnia’s acquisition of Ebix’s North American Life and Annuity Assets (the “L&A Assets”) has closed.

The deal further positions Zinnia as a partner of choice in the life and annuity industry and expands its offerings with insurance focused CRM & agency management, market-leading research, quoting, illustration, order entry tools, and a comprehensive underwriting platform, which will simplify experiences for advisors and their clients. Zinnia will be welcoming over 770 new team members across 6 locations in India and the United States.

The L&A assets, including SmartOffice, Vital Sales Suite, Winflex, AnnuityNet, LifeSpeed, TPP (The Policy Processor), as well as products and services provided by the consulting organization will become a newly formed business line within Zinnia called Life and Annuity Exchange Solutions.

Global operations across the L&A Assets will be uninterrupted for customers and partners, providing continuity for the life insurance and annuity ecosystem. The acquisition will further enable Zinnia to better serve carriers, distributors, and consumers as it builds the modern rails of the insurance industry.

Advisors

Milbank LLP served as Zinnia’s legal counsel alongside banking advisors RBC Capital Markets, LLC and Citigroup Global Markets Inc.

C Street Advisory Group, LLC and Prosek Partners served as communications advisors to Zinnia.

Ebix was represented by Sidley Austin LLP as legal counsel, AlixPartners, LLP and Huron Consulting Group served as financial advisors, and Jefferies LLC as its investment banker.

About Zinnia

Zinnia, an Eldridge Industries business, simplifies insurance. Delivering comprehensive solutions for the industry’s most critical needs and creating the modern rails of the insurance industry, Zinnia better enables carriers and advisors to build, sell, and service insurance, ultimately helping more people get the coverage they need and the service they deserve. Zinnia is also backed by funds managed by KKR, a leading global investment firm.

To learn more about Zinnia, please visit https://zinnia.com/.

About Ebix

With approximately 200 offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide on-demand infrastructure exchanges to the insurance, financial services, travel and healthcare industries.

With a "Phygital" strategy that combines over 650,000 physical distribution outlets in India and many Southeast Asian Nations ("ASEAN") countries as of December 31, 2021, to an Omni-channel online digital platform, the Company's EbixCash Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), travel, pre-paid gift cards, utility payments, lending and wealth management across 75+ countries including India. EbixCash's Forex operations are carried out primarily through 82 retail branches, 62 retail kiosks in 16 international airports, including Delhi, Mumbai, Hyderabad, Chennai and Kolkata, 12 seaports, over 250 franchise partners across 69 cities, as well as offered through more than 1200 corporate clients, more than 27 bank clients, and 5-star hotels in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of the leading non-bank travel exchanges based in India and catering to approximately 517,000 agents and approximately 17,900 registered corporate clients as of December 31, 2021. EbixCash's financial technologies business offers software solutions at the enterprise level for banks, asset and wealth management companies and trust companies within India, Southeast Asia, the Middle East and Africa. EbixCash's business process outsourcing services provide information technology and call center services to a variety of industries.

For more information, visit the Company's website at www.ebix.com