Accel-backed India medical advisory service bought by Ebix
Healthcare Magic, an India-based medical advisory service that won early backing from Accel Partners, has been acquired by NASDAQ-listed on-demand software and e-commerce services provider Ebix.
Ebix has paid $6 million in cash for the business plus an earn-out of up to $12.5 million payable after two years, according to a statement. Accel invested $2.5 million in Healthcare Magic in February 2009.
Founded in 2008, Healthcare Magic has a network of approximately 15,000 general practitioners and surgeons across 50 specialties and based in different geographies and time zones. Through the company's website or the "Ask a Doctor" app, users can submit health queries, upload lab reports or attach pictures for consideration by professionals within the network who then offer advice.
Healthcare Magic claims to deal with 130 queries per hour and has more than one million Twitter and Facebook followers. Around 70% of users are based in the US. There are also a string of B2B customers in India, including HSBC, McAfee, ICICI, Airbus and BMW, who offer the service to employees as part of health and wellness packages. Users pay for the service on a one-off basis or via a subscription.
Ebix predominantly works with the insurance, finance and healthcare industries, providing end-to-end solutions ranging from infrastructure exchanges, carrier systems and risk compliance solutions to custom software development. It has 35 offices worldwide and processes $100 billion in insurance premiums through its platforms.
Ebix will launch the Healthcare Magic B2B service in the US where it is expected to form an important part of the company's telemedicine strategy.
"The company intends to next work towards the launch of a fully integrated cloud-based global medical treatment exchange for patients and healthcare providers with integrated phone and video based calling services," added Robin Raina, Ebix's president and CEO, in a statement.
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