NU Online News Service, Jan. 11, 1:23 p.m. EST
Insurance software and technology service Ebix Inc. said it has acquired Sao Paulo, Brazil-based MCN Technology & Consulting (MCN) effective Jan. 15. The only financial detail released was a company statement that it was an all cash transaction.
The Atlanta-based company said MCN was acquired by Ebix Latin America, a newly formed subsidiary of Ebix Singapore.
MCN, since its inception in 2001, has focused on the insurance industry with a portfolio of products and services for insurance companies, financial institutions and insurance brokers.
MCN provides information technology products and services with a key product being exchanges for pension and annuities.
The firm offers specialized enterprise integration products, e-business transactional portals and specialized consulting, implementation and support services to the insurance industry in Latin America.
Ebix said it considers the size of the acquisition immaterial to its 2010 financial results and therefore was not disclosing the financial details of the transaction.
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