Ebix Reaches “Stalking Horse” Sale Agreement for Life Insurance and Annuity Business with Zinnia to Ensure Successful Recapitalization Efforts
JOHNS CREEK, Ga., Dec. 18, 2023 /PRNewswire/ — Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of on-demand software and e-commerce services to the insurance, financial services, travel, healthcare, and e-learning industries, announced today that it has reached a “stalking horse” agreement to sell its North American Life and Annuity assets (the “NA L&A Assets“) to Zinnia, an Eldridge business and leading life insurance and annuity technology and service company, as part of its efforts to strengthen its balance sheet and position the Company for sustainable growth. This agreement is part of the strategic decision by the Company to seek a value-maximizing transaction that will benefit all stakeholders and put the company on the path towards sustainable growth and profitability. The NA L&A Assets being sold, accounted for 14.5% of Ebix’s worldwide GAAP revenues for the Year-to-date 9-month period preceding Sep.30th 2023.
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