Delaware Court Grants Ebix’s Motion to Dismiss in Lawsuit Filed by Yatra Online, Inc.

Rhea-AI Summary

On August 31, 2021, Ebix, Inc. (NASDAQ: EBIX) announced that Vice Chancellor Joseph R. Slights III approved its motion to dismiss a lawsuit filed by Yatra Online, Inc. in June 2020. This legal victory may positively impact Ebix's operational focus and financial stability as the company continues to provide software and e-commerce services to various industries globally. With extensive international operations, Ebix aims to enhance its presence, especially in the insurance, financial, and healthcare sectors, leveraging its innovative platforms.

Positive

• Legal victory: Dismissal of Yatra Online lawsuit could enhance operational stability.
• Strong international presence with 150+ offices across six continents.
• Leadership in domestic and international money remittance and Forex operations.

Negative

• None.

JOHNS CREEK, Ga., Aug. 31, 2021 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries today announced that Vice Chancellor Joseph R. Slights III has granted Ebix’s motion to dismiss in its entirety the Delaware Chancery Court suit filed by Yatra Online, Inc. in June 2020.

About Ebix, Inc.
With 150+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.

With a “Phygital” strategy that combines over 320,000 physical distribution outlets in India and Association of Southeast Asian Nations (“ASEAN”) countries, to an omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in the areas of domestic and international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, software solutions for lending, wealth management, travel, bus exchanges and insurance in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 13 international airports, combined conducting over $4.8 billion in gross transaction value per year (pre-COVID-19). EbixCash’s inward remittance business in India processes approximately $5 billion in gross annual remittance volume (pre-COVID-19) and is the clear market leader. EbixCash Travel is also one of Southeast Asia’s leading travel exchanges with over 200,000 agents, 25 branches and over 9,800 corporate clients, combined processing an estimated $2.5 billion in gross merchandise value per year (pre-COVID-19).

Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com

CONTACT:

Darren Joseph
678 -281-2027 or IR@ebix.com

David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com

 

FAQ

What was the outcome of the Yatra Online lawsuit against Ebix?

Ebix's motion to dismiss the lawsuit was granted in its entirety by Vice Chancellor Joseph R. Slights III.

How does the dismissal of the Yatra Online lawsuit affect EBIX's operations?

The dismissal may improve EBIX's operational focus and financial stability moving forward.

What industries does Ebix serve?

Ebix provides On-Demand software and e-commerce services primarily to the insurance, financial, healthcare, and e-learning industries.

What are the key business areas for EbixCash?

EbixCash focuses on money remittance, foreign exchange, travel services, and payment solutions.

How many offices does Ebix have worldwide?

Ebix operates over 150 offices across six continents.