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Pasadena firm loses 49 workers in acquisition transitionPASADENA, Oct 07, 2009 (San Gabriel Valley Tribune - McClatchy-Tribune Information Services via COMTEX) -- When Bonnie Valles left for work Wednesday morning, finding another job was the furthest thing from her mind. Unfortunately, now it's top of mind. Shortly after arriving at E-Z Data Inc., the Monrovia resident learned that she had lost her job with the company -- a job she had held for nearly seven years. Valles was one of 49 employees to be let go Wednesday as part of Atlanta-based Ebix Inc.'s acquisition of the company. One employee who declined to be identified said the Pasadena-based business had employed about 100 workers before the layoffs. E-Z Data, at 918 E. Green St., provides Customer Relationship Management (CRM) solutions for many of the top 20 Fortune 500 life insurance companies, as well as financial services organizations and financial advisors. The company has offices in California, Virginia, two development centers in India and additional offices in emerging markets, including China and Japan. Ebix officials could not be reached to comment on whether additional layoffs were occurring elsewhere. I'm in shock," said Valles, who had been E-Z's creative director. "Our manager called us all together ... and it was very heartfelt. He was really blindsided by the ramifications of this." Ebix, a leading international supplier of on-demand software and e-commerce services for the insurance industry, announced the acquisition last week. The deal became effective Oct. 1. Under terms of the agreement, Ebix acquired all of the outstanding capital stock of E-Z Data for an aggregate purchase price of $50.35 million. A little more than half was to be paid in cash at closing and the remainder was to be paid in the form of 496,328 shares of common stock. "This is one of our most strategic acquisitions since this will provide us access to a majority of the life and annuity brokers' desktops in the United States," said Robin Raina, Ebix's chairwoman, president and chief executive officer. Valles said she enjoyed her tenure with E-Z Data. But her future, she said, looks very uncertain. "It was a wonderful family organization, but this is just a slash and burn," she said. "I'm worried about how to keep my house. I'm the sole provider." The mood was somber throughout the morning as laid-off employees left the building with boxes of personal belongings. Ely Magel, who had worked a a part-time administrative assistant at E-Z Data, was also left without a job. "I live at home with my parents and also go to school, so this won't hit me like it will some of the others who are full-time," he said. "But I've got a bunch of friends who just graduated from college and they can't find work." [email protected] (626) 962-8811, Ext. 2701 To see more of the San Gabriel Valley Tribune or to subscribe to the newspaper, go to http://www.sgvtribune.com. Copyright (c) 2009, San Gabriel Valley Tribune, West Covina, Calif. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |