Ebix Inc.'s Latin American unit acquired all of the outstanding capital stock of Rio de Janeiro-based WDev Soluc¸o~es em Tecnologia SA.

WDEV is a software and services firm focused primarily on the insurance marketplace. It provides technology and operational consulting, straight through processing services, and software-as-a-service products to the insurance industry. WDEV's current revenue run rate is about $11 million annually.

Ebix funded the acquisition using its internal cash reserves, but did not issue any shares. The transaction is expected to be immediately accretive for Ebix shareholders.

Ebix retained the entire senior management team of WDEV led by founder and CEO Guillermo Reid, who will continue to lead the WDEV division of Ebix as vice president and division head.

Ebix did not involve any financial advisers in connection with the deal.