Ebix to acquire A.D.A.M. for $66M
Ebix, a supplier of e-commerce services to the insurance industry, has signed a merger agreement to acquire Atlanta-based A.D.A.M., on a debt-free basis for aggregate merger consideration of $66 million.

A.D.A.M. offers online information and technology tools for hospitals and healthcare organizations to assist care using interactive products, such as a symptom navigator and a reference library for health content.

Under the terms of the merger agreement, approved by both boards of directors, A.D.A.M. shareholders will receive 0.3122 of Ebix common stock for each share of A.D.A.M. common stock in a tax-free reorganization, subject to certain adjustments specified in the merger agreement. The exchange ratio of 0.3122 is based on a $19.06 agreed value of Ebix common stock for purposes of the merger agreement. Upon the closing of the transaction, A.D.A.M. shareholders will own approximately 7 percent of the combined company, according to the Atlanta-based Ebix.

The consummation of the merger is subject to the approval of A.D.A.M. shareholders, customary regulatory approval and other customary closing conditions. Ebix expects the transaction to close later this year.