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Ebix
Ebix

Ebix swallows compliance specialist

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Ebix Australia has purchased compliance tracking service Trades Monitor in an acquisition that mirrors operations held by its US parent.

Trades Monitor – rebranded to become Ebix Trades Monitor – verifies, maintains and monitors compliance information on contractors including public liability insurance, professional indemnity cover, and WorkCover.

Ebix Australia MD Leon d’Apice told insuranceNEWS.com.au he expects strong growth from the business, which will retain its existing Kingsford premises in Sydney.

“There is significant growth in that market generally and while I wouldn’t like to put any numbers on it we’ll be looking to add some petrol,” he said.

“The US operations currently track more than 5 million certificates a year.”

Mr d’Apice declined to disclose how much Ebix paid for the business, which has retained all existing staff.