wordpress blog stats
Connect with us

Hi, what are you looking for?

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.

 

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.

News

Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.

News

Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.

News

The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.

News

For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ