Life and annuity insurance technology services company Zinnia is set to acquire the life and annuity assets of software solutions provider Ebix, for an undisclosed price.

Through the acquisition of Ebix’s life and annuity assets, Zinnia aims to further advance its position as a preferred partner in the life and annuity sector.

The deal is also expected to expand Zinnia’s offerings with insurance focused customer relationship management (CRM) and agency management, research, quoting, illustration, and order entry tools.

Besides, the life and annuity insurance technology services company’s offerings will include an extensive underwriting platform that will streamline experiences for advisers and their clients.

The proposed transaction will also enable Zinnia to drive growth and streamline insurance from product development through distribution and claims.

Ebix North America insurance solutions president Ash Sawhney said: “This is a great outcome for our business. Zinnia’s commitment to invest in our products, people, and customer solutions will significantly advance our product roadmaps, which will only serve to benefit the entire industry.

“Zinnia has a clear vision for the future, and together, we will digitise the end-to-end processing of life and annuity products.”

After the completion of the acquisition, Zinnia will broaden its range of offerings by incorporating SmartOffice, Winflex, Vital Sales Suite, LifeSpeed, AnnuityNet, The Policy Processor (TPP), along with products and services offered by the consulting organisation.

Zinnia CEO Michele Trogni said: “The acquisition of the Ebix Life and Annuity Assets is transformative for Zinnia.

“The complementary nature of our solutions will enable us to better serve carriers, distributors, and consumers, expanding our reach as we build the modern rails of the insurance industry.”

Zinnia secured court approval on 15 February 2024 to acquire Ebix’s life and annuity assets after being named the winning bidder.

Subject to standard conditions, the transaction is anticipated to be completed in early March 2024.