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Accel-funded HealthcareMagic gets acquired by US-based Ebix

HealthcaremagicAccel-funded HealthcareMagic has been acquired by US-based Ebix, a supplier of on-demand software and e-commerce services to the insurance, finance and healthcare industries.

NASDAQ-listed Ebix paid $6 million in cash for HealthcareMagic with a contingent earn out of up to $12.5 million payable after 2 years. Ebix plans to open up its B2B services in the US with HealthcareMagic’s network of doctors. This will be integrated into Ebix’s business unit A.D.A.M which provides consumer health information and technology products to healthcare organizations, employers, consumers, and educational institutions. Robin Raina, president and CEO, Ebix added in a statement that they plan to create a private network between doctors and their patients.

Ebix announced its revenue earlier this month; its revenue for Q1, 2014 was $51.4 million, and its net income was $15.4 million for the same period. Cash generated from operations in Q1 2014 was $10.8 million

Bangalore-based HealthcareMagic is a medical advisory service with an online network of doctors. It allows consumers to write a health query, attach a picture or upload a lab report and post it to the doctors. Its clients include individual consumers and B2B clients like Vodafone, HSBC, McAfee, Akamai, Sapient, ICICI, Airbus, Bajaj, BMW etc.

The company had raised $2.5 million from Accel Partners in February 2009 and had stated plans of using this investment to expand its sales and marketing reach, set up call center and call recording. The company had launched its ‘Doctor on Call‘ service with Tata Docomo in 2010.

 

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