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Ebix, a global supplier of software and e-commerce services, announced the termination of its merger agreement with Yatra, following Yatra's failure to reach a mutual agreement by the extended deadline of June 4, 2020. Yatra terminated the agreement on June 5, 2020, and subsequently filed a lawsuit against Ebix for breach of contract. Ebix disagrees with the allegations and is considering a countersuit for breaches by Yatra. The company continues to focus on its extensive operations across the insurance and financial sectors, highlighting its leadership in money remittance and foreign exchange services.
Ebix, Inc. (NASDAQ: EBIX) announced the termination of its merger agreement with Yatra, as Yatra failed to reach agreement on an amended deal by the extended Outside Date of June 4, 2020. Following this, Yatra filed a lawsuit against Ebix for breach of contract. Ebix disputes these claims, asserting it met its obligations and is considering a countersuit. The company emphasizes its commitment to enforce its rights as per the merger terms.
BSE Ebix Insurance Broking Private Limited has launched its health insurance offerings in collaboration with Religare Health Insurance Company Ltd. This follows its beta launch of auto insurance services back in February 2020. The platform has seen significant growth, achieving 100% month-on-month premium collection since inception. BSE Ebix plans to expand its offerings to include life and commercial vehicle insurance by June 2020, aiming for a broad ‘Phygital’ presence across India with a target of registering tens of thousands of Point of Sale Persons (PoSPs).
Ebix, a prominent supplier of software and e-commerce services, has announced a regular quarterly dividend of 7.5 cents per common share. This dividend will be payable on June 16, 2020 to shareholders on record as of June 2, 2020. Ebix has a robust presence with over 50 offices across 6 continents, focusing on sectors such as insurance, finance, healthcare, and e-learning. Additionally, the company leads in the Forex business at airports in India and manages significant remittance operations, underpinning its strong market position.
Ebix reported Q1 2020 results with GAAP diluted EPS of $0.81 and non-GAAP EPS of $0.96. Revenues were $137.9 million, down 4% year-over-year, with operating cash flow at $29.6 million, up 41% from Q1 2019. Operating income decreased 37% to $34.3 million. Despite COVID-19 challenges, the company noted a 15% revenue growth excluding affected sectors. The company did not provide full-year guidance due to ongoing uncertainty but maintained its dividend policy.