Ebix Buys VC-Backed ConfirmNet

Ebix Inc. (Nasdaq: EBIX) has agreed to acquire ConfirmNet Corp., a San Diego-based provider of ASP software on an SAAS basis for issuing and tracking certificates of insurance. The deal includes both an up-front cash payment and earn-outs, with expected payments through the next few months to be between $10 million and $11 million. No longer-term estimates were disclosed. ConfirmNet raised a $7 million round in 2000 led by Princeton Growth Investments.

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