Insurance software supplier Ebix has acquired California-based software maker E-Z Data for $US50 million ($55 million).

E-Z Data is a developer of customer relationship management tools for the financial services industry, including risk insurance, and has offices around the world including in India, China and Japan.

Ebix CEO Robin Raina says the acquisition is “one of our most strategic”, as it gives the company access to most life and annuity brokers’ desktop in the US.

“E-Z Data has been a market leader in on-demand customer relationship management for the financial services industry,” he said. “The addition of these services to EbixExchange will strengthen our position in the market, which according to analysts is poised to reach $US3.8 billion ($4.2 billion) by 2013.”

The deal will help Ebix grow its on-demand software exchange, which it has been strengthening through acquisitions.