Ebix Inc, a leading international supplier of on-demand software and E-commerce services to the insurance, finance and healthcare industries, recently announced that it has acquired Bangalore-based Healthcare Magic.
Ebix Inc, a leading international supplier of on-demand software and E-commerce services to the insurance, finance and healthcare industries, recently announced that it has acquired Bangalore-based 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.
Healthcare Magic is funded by Accel Partners. It’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.
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 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.”
Ebix paid $6 million in cash for Healthcare Magic with a contingent earn out of up to $12.5 million payable after 2 years.