The longtime rivalry between
Talk of Wachovias interest in getting rid of Info-One/VARDS had been rife within the annuity industry. The venture is said to have lost more than $10 million last year. Furthermore, Wachovia has been disposing of non-core technology businesses.
The deal involves an undisclosed capital contribution by Wachovia, which will retain "a significant ownership interest" in the new company, according to a release. The new company will be headquartered in Herdon, Va., where AnnuityNet is currently located.
The failure of similar businesses, such as exchange-america and AnnuityScout, significantly contracted the field of players. AnnuityNet and Info-One/VARDS (formerly Pivot) emerged as the sole competitors in the space.
