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Ebix, Inc. (NASDAQ: EBIX) is a leading global supplier of on-demand software and e-commerce services primarily tailored for the insurance, financial services, travel, healthcare, and e-learning industries. With headquarters in Atlanta, Georgia, and a network of offices across the United States and seven other countries, Ebix powers businesses in over 50 countries across six continents.
The company specializes in developing comprehensive application software products, ranging from carrier systems and agency systems to custom software solutions for various stakeholders in the insurance and financial sectors. Ebix serves a vast customer base that includes more than 100 insurance companies, TPA's, banks, financial advisors, and over 300,000 brokers/agents, along with more than 1,000 corporate clients.
Recently, Ebix announced a significant
Labaton Sucharow is probing potential securities violations and breaches of fiduciary duty concerning EBIX Inc. (NASDAQ: EBIX). Shareholders of EBIX who seek to safeguard their investments are encouraged to contact attorney David J. Schwartz for further information at no cost. Labaton Sucharow is recognized for its leadership in complex litigation, notably in securities and shareholder rights, with offices in major cities including New York and Washington, D.C.
Ebix, Inc. (NASDAQ: EBIX) reported a strong financial outlook for 2021 and beyond amid investor inquiries. As of February 15, 2021, the company held over $140 million in cash and cash equivalents, including $30 million allocated for a new software acquisition in the U.S. The EbixCash IPO is targeted for late 2021. In 2020, the gift card business generated less than $1.4 million in operating income. Notably, the gift card revenue grew 95% in Q4 2020, driven by increased digital money usage during the pandemic. The company asserts no fraud or wrongdoing has been identified.
On February 22, 2021, Ebix, a global leader in on-demand software and e-commerce services, announced a quarterly dividend of 7.5 cents per common share. This dividend is payable on March 15, 2021, to shareholders on record as of March 2, 2021. With over 50 offices worldwide, Ebix focuses on delivering software solutions for the insurance, financial, healthcare, and e-learning sectors. The company also boasts a robust presence in money remittance and foreign exchange markets, particularly through its EbixCash portfolio in India.
Ebix (NASDAQ: EBIX) announced a strong business outlook despite RSM US LLP's resignation as its independent auditor due to insufficient audit evidence related to unusual transactions in its gift card business in India. RSM identified a material weakness in internal controls and disagreed with the Company's classification of $30 million in a trust account. In Q4 2020, Ebix's revenues exceeded $220 million, with over $130 million from its gift card business, reflecting over 95% sequential growth. The Company is actively seeking a new auditor and believes its accounting practices comply with GAAP.
Ebix, Inc. (NASDAQ: EBIX) announces that its CEO, Robin Raina, discussed India's economic recovery on Republic TV, a leading English news channel. The interview highlighted India's aspirations to become a $5 trillion economy and analyzed the impact of the recent budget. Republic TV boasts a significant viewership, reaching 77% of the English news audience during the interview. Ebix continues to expand its 'Phygital' strategy, combining physical and online services across various sectors, including financial and e-commerce markets in India and Southeast Asia.
Ebix, Inc. (NASDAQ: EBIX) announced that its subsidiary, EbixCash, received a 7-year contract to develop an automatic fare collection system for Pune's public buses. This project will cover at least 2,000 buses and aims to enhance fare ticketing efficiency and revenue control. The rollout of this system is expected to be completed within 3 months, leveraging EbixCash’s Intelligent Transport Management System to minimize revenue leakage and improve operational efficiency. EbixCash currently processes $1.7 billion annually in bus ticketing across 30% of India's network.
BSE Ebix Insurance Broking Private Limited has launched term insurance in partnership with ICICI Prudential Life Insurance Co. Ltd. on its advanced platform. This development marks a significant expansion into the life insurance sector, which annually generates approximately 2 trillion rupees in business with a CAGR of 10%. BSE Ebix aims to enhance its insurance offerings by integrating various products across multiple segments with over 8,000 Point of Sale Persons (PoSPs) registered. Since February 2020, the platform has seen monthly growth of over 35% in premiums.
Ebix, Inc. (NASDAQ: EBIX) has entered a strategic agreement with Data Glove Technologies to enhance cloud and infrastructure support services for the insurance and banking sectors. This collaboration will involve the establishment of joint ventures in the US and India, targeting various global markets. Ebix anticipates generating over $10 million in revenue from this initiative in 2021. The partnership aims to transform legacy back-office systems into cloud-based solutions, delivering significant efficiencies and cost savings to clients across the BFSI sectors.
EbixCash, a subsidiary of Ebix (NASDAQ: EBIX), has acquired a 70% stake in AssureEdge Global Services, a pan-India BPO firm with 1,800 employees. AssureEdge offers various BPO services from six contact centers and is known for customer retention solutions. The deal is expected to enhance EbixCash's service capabilities, particularly in fulfillment and customer support. AssureEdge aims for a workforce increase to 2,500 by March 2021 and anticipates organic growth of 35% to 50% in 2021, operating at around 30% EBITDA margins.
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