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Ebix cancels auction, eyes $400 million sale to stalking horse bidder
By Sarah Lizee
Olympia, Wash., Feb. 12 – Ebix, Inc. canceled an auction for its assets and will seek approval of a sale to stalking horse bidder Zinnia, an Eldridge business and life insurance and annuity technology and service company, for $400 million, according to a notice filed Saturday with the U.S. Bankruptcy Court for the Northern District of Texas.
The assets include Ebix’s North American Life and Annuity assets.
The company’s bid procedures allowed other potential bidders to submit bids through a court-supervised competitive process.
Ebix said it didn’t receive any other qualified bids by the deadline.
A sale hearing will take place on Feb. 15.
Ebix is a Johns Creek, Ga.-based international supplier of on-demand software and e-commerce services to the insurance, financial, health care and e-learning industries. The company filed bankruptcy on Dec. 17 under Chapter 11 case number 23-80004.
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