Global software provider Ebix has acquired UK-based TriSystems Ltd, an online insurance trading hub that enables commercial insurance and reinsurance transactions between London intermediaries and insurers.

TriSystems products and services will become part of the EbixExchange division of Ebix Europe.

Ebix, which in Australia owns the dominant Sunrise Exchange insurance transaction platform, expects the cash deal to immediately add to its earnings per share.

The TriSystems On-Demand SaaS (software as a service) platform communicates electronic endorsements and placements with underwriters using ACORD messaging over the Lloyd’s Exchange.

It also supports electronic processing through the accounting and settlement and electronic claim file services of the Insurers’ Market Repository, a key piece of infrastructure for the London insurance market.

Users access all functions through a single online portal.

Ebix President and CEO Robin Raina says the strategic acquisition will provide a base for the company in one of the world’s largest insurance markets.

“With 70%-plus recurring revenue streams, low customer attrition rates, proven management record, complementary technologies and SaaS-based architecture, TriSystems met our criteria of a good acquisition target for Ebix.”