NU Online News Service, Nov. 14, 2:35 p.m. – SoftNet Systems Inc., San Francisco, a failed, publicly traded Internet service provider, has completed using much of its remaining cash to acquire Independence American Holdings Corp. from Independence Holding Company, Stamford, Conn., for $32 million.
The companies announced the deal in July.
Independence American, formerly known as First Standard Holdings Corp., owns two subsidiaries that reinsure group life plans, health maintenance organizations and self-funded health plans.
Now that SoftNet owns Independence American, SoftNet will call itself American Independence Corp. and turn itself into an insurance holding company, Independence Holding says. American Independence will trade on NASDAQ under the symbol AMIC.