JOHNS CREEK, Ga., Oct. 21, 2022 (GLOBE NEWSWIRE) — Ebix, Inc. (NASDAQ: “Ebix”), a number one worldwide provider of On-Demand software program and E-commerce providers to the insurance, monetary, healthcare, and e-learning industries, in the present day introduced offered an replace on the state of its business whereas reaffirming a robust business outlook for the longer term.
- Strategic Investment Committee – The Company introduced that it has obtained inbound curiosity from a number of reputed strategic and institutional worldwide gamers, for substantial investments in Ebix or/and its subsidiaries. Accordingly, the impartial Board’s Strategic Investment Committee will probably be evaluating any such gives, in session with its funding banking and authorized advisors.
- Investments in EbixMoney – The Company additionally introduced that its Indian subsidiary is exploring curiosity from a number of reputed worldwide gamers in taking a considerable minority funding in EbixMoney, in keeping with the DRHP filed already.
- Engagement of Investment Bankers – Ebix additionally declared that it’s presently actively using the providers of some reputed worldwide Bankers to refinance its present mortgage services. The Company additionally introduced that it has obtained an exploratory time period sheet from one in every of its present lenders. The Company will announce additional particulars on the refinancing entrance, as soon as one thing agency has been agreed upon, on the refinancing facet.
- EbixMoney IPO replace – The Company is hopeful of an expeditious approval of its subsidiary’s DRHP resulting in submitting of the RHP and the eventual IPO. Also, EbixMoney has already obtained in-principal approval from the 2 inventory exchanges BSE and NSE. The Company reaffirmed its dedication to an expeditious IPO in keeping with the Indian regulatory and compliance tips.
- EbixMoney Compliance replace – EbixMoney has obtained all of the requisite license renewals for future durations for its numerous regulated companies together with overseas alternate, pre-paid card companies, and the BBPOU licenses from the monetary regulatory physique governing such licenses; moreover having cleared the inspection audit of the monetary regulatory physique efficiently.
- EbixMoney Audit Update – Two impartial joint statutory auditors for the consolidated India business have audited and filed the EbixMoney audit for the 3-year interval ended March 2022 and expressed an unqualified opinion on each – the consolidated India business and the Indian reward card subsidiary.
- Consistent Compliance Oversight – The Company’s accounting remedy of any of its EbixMoney companies has remained unchanged throughout its earlier and current auditors, with strict compliance to accounting requirements. The Company has the oversight of a extremely revered impartial Board together with the previous SEC Economics cell chairman, Former Chairman of Bombay inventory alternate, former Executive Director Reserve Bank of India, Former Deputy Managing Director of India’s largest Bank SBI amongst others. Besides, Ebix’s consolidated SOX compliance is dealt with by EY, whereas its valuation can be dealt with by KPMG.
- EbixMoney Legal replace – On July 7th 2022, the Company introduced that the Delhi Court has blocked the publishing of a brief doc in India, with fast impact. Further, the Court, vide its Order, directed Google LLC and Twitter, Inc to take down related URLs (as specified within the Order) from the Indian area pertaining to the quick report. The quick report was additional discredited with the following submitting of the 3-year audited financials by two impartial auditors, moreover the renewal of varied regulatory licenses and clearance of varied inspection audits by the related businesses.
- Strong Financial Discipline – Ebix in the present day reaffirmed its confidence within the business’s continued money era talents. The Company’s monetary self-discipline may be gauged from the truth that over the past 8 quarters, the Company has made cumulative money funds aggregating $229 million only for money taxes, shareholder dividends and lender principal & curiosity funds solely. This consists of principal funds of $71.7 million in direction of debt discount.
- Business Outlook – The Company reaffirmed its robust business outlook for its companies worldwide.
- In spite of the drastic adversarial affect of COVID-19 on a few of its companies whereby a number of thousand individuals are employed (like journey, overseas alternate, remittance, consulting and many others.), the Company has continued to clock EBITDA plus stock-based compensation run price of $144 million as of June 30th 2022.
- While the numerous strengthening of the US greenback in latest instances could have an adversarial affect on its outcomes, but the Company believes that the put up COVID 19 rebounding of most of the companies is more likely to profit the Company in a very good measure.
- The Company’s journey and overseas alternate companies proceed to point out nice restoration put up Covid-19, in Q3 2022 each year-over-year and sequentially. In Q2 2022, the foreign exchange companies grew 199% year-over-year whereas journey companies grew 399% year-over-year.
- The Company’s bus alternate business final week secured the mandate to energy the know-how in all of the buses run by India’s largest state roadways company for a big western state. The Company will quickly announce particulars of that award.
About Ebix, Inc.
With roughly 200 workplaces throughout 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to offer on-demand software program and e-commerce providers to the insurance, monetary providers, journey, healthcare and e-learning industries. In the Insurance sector, Ebix’s foremost focus is to develop and deploy all kinds of insurance and reinsurance exchanges on an on-demand foundation, whereas additionally, offering Software-as-a-Service (“SaaS”) enterprise options within the space of CRM, front-end & back-end methods, outsourced administration and threat compliance providers, all over the world.
Through its numerous SaaS-based software program platforms, Ebix employs 1000’s of domain-specific know-how professionals to offer merchandise, assist and consultancy to 1000’s of shoppers on six continents. For extra data, go to the Company’s web site at www.ebix.com.
With a “Phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021, to an Omni-channel online digital platform, the Company’s Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), pre-paid gift cards, utility payments, travel services and technologies for insurance, bus information systems, lending and wealth management across 75+ countries including India. EbixCash has Forex operations in approximately 16 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata. EbixCash is a leader in the international remittance business based on gross transactional value. EbixCash, through its travel portfolio (Via.com and EbixCash.com), is one of the leading travel exchanges based in India and catering to Southeast Asian markets, with over 517,000 agents and approximately 17,900 registered corporate clients. EbixCash’s financial technologies business offers software solutions to various clients in the areas of wealth, asset and lending management, insurance and bus information systems. EbixCash’s business process outsourcing services provide information technology and call center services to a variety of industries. For more information, visit the Company’s website at www.ebixcash.com.
SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS
As used herein, the terms “Ebix,” “the Company,” “we,” “our,” and “us” refer to Ebix, Inc., a Delaware corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Ebix, Inc.
The information contained in this Press Release contains forward-looking statements and information within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. This information includes assumptions made by, and information currently available to management, including statements regarding future economic performance and financial condition, liquidity and capital resources, acceptance of the Company’s products by the market, and management’s plans and objectives. In addition, certain statements included in this and our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us or with our approval, which are not statements of historical fact, are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “seeks,” “plan,” “project,” “continue,” “predict,” “will,” and other words or expressions of similar meaning are intended by the Company to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are found at various places throughout this report and in the documents incorporated herein by reference. These statements are based on our current expectations about future events or results and information that is currently available to us, involve assumptions, risks, and uncertainties, and speak only as of the date on which such statements are made.
Our actual results may differ materially from those expressed or implied in these forward-looking statements. Factors that may cause such a difference, include, but are not limited to those discussed in our Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent reports filed with the SEC, as well as: the ongoing effects of the Covid-19 global pandemic, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties; pricing and other competitive pressures and the Company’s ability to gain or maintain share of sales as a result of actions by competitors and others; changes in estimates in critical accounting judgments; changes in or failure to comply with laws and regulations, including accounting standards, taxation requirements (including tax rate changes, new tax laws and revised tax interpretations) in domestic or foreign jurisdictions; exchange rate fluctuations and other risks associated with investments and operations in foreign countries (particularly in India, Australia and Asia, Latin America and Europe wherein we have significant and/or growing operations); fluctuations in the equity markets, including market disruptions and significant interest rate fluctuations, which may impede our access to, or increase the cost of, external financing; ability to secure additional financing to support capital requirements; credit facility provisions that could materially restrict our business; costs and effects of litigation, investigations or similar matters that could affect our business, operating results and financial condition; and international conflict, including terrorist acts and wars.
Except as expressly required by the federal securities laws, the Company undertakes no obligation to update any such factors, or to publicly announce the results of, or changes to any of the forward-looking statements contained herein to reflect future events, developments, changed circumstances, or for any other reason. Readers should carefully review the disclosures and the risk factors described in the documents we file from time to time with the SEC, including future reports on Forms 10-Q and 8-K, and any amendments thereto.
You may obtain our SEC filings at our website, www.ebix.com under the “Investor Information” section, or over the Internet at the SEC’s web site, www.sec.gov.
Disclaimer:
EbixCash Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India. The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, Motilal Oswal Investment Advisors Limited at www.motilaloswalgroup.com, Equirus Capital Private Limited at www.equirus.com, ICICI Securities Limited at www.icicisecurities.com, SBI Capital Markets Limited at www.sbicaps.com and YES Securities (India) Limited at www.yesinvest.in, respectively, and the websites of the stock exchange(s) at www.bseindia.com and www.nseindia.com, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the RHP, when available. Potential investors should not rely on the DRHP for any investment decision.
CONTACT:
Darren Joseph
678 -281-2027 or [email protected]
David Collins or Chris Eddy
Catalyst Global – 212-924-9800 or [email protected]
