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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
Ebix, Inc. announced an impressive 81% year-over-year growth in annuity premiums for January 2023, totaling approximately $9 billion. This follows a record $98 billion processed in 2022 on its Annuity Exchange platform. The company is hosting its largest North American customer conference in a decade, attended by leading insurance and financial institutions. Executives plan to unveil new products aimed at enhancing industry efficiency and growth. The strong performance signals a robust start to the year, indicating continued momentum from 2022's success.
EbixCash Limited, a subsidiary of Ebix, has become the first company in India to enable Unified Payments Interface (UPI) transactions for foreign nationals visiting the country. This innovative service allows foreign visitors to make payments for goods and services using UPI in a matter of seconds. EbixCash will pilot this service during the G-20 summit in Bangalore, facilitating currency exchange at airports. The company boasts a strong position in the foreign exchange market, with over 81 branches and access to 1,200 corporate clients. This initiative aligns with India's vision to promote digital transactions and enhance the experience for international visitors.
Ebix, Inc. (NASDAQ: EBIX) reported record performance for 2022, notably on its Annuity Exchange Platform, AnnuityNet4 (AN4), which accounted for 70% of electronic annuity transactions. Total annuity premiums processed hit $98 billion, a 46% increase from 2021, with over 580,000 transactions representing a 36% year-over-year growth. The platform now includes 57 manufacturers and 120 distributors. Ebix's Accelerated go-to-market program has been a success, expediting onboarding. A user group exposition is set for February 20-23, 2023, in Orlando to unveil its next-gen digital platform, the Super Highway, featuring AI tools and advanced analytics.
Ebix has partnered with Jefferies LLC to refinance its existing credit facilities, exploring public and private debt and equity options. The global investment bank will assist in securing necessary financing while Sidley Austin LLP will provide legal support. Ebix operates in the insurance, financial, healthcare, and e-learning sectors with around 200 offices worldwide, focusing on SaaS solutions and insurance exchanges. This strategic move aims to bolster the Company’s liquidity and capital structure amid market uncertainties.
EbixCash Limited, a subsidiary of Ebix, has secured a long-term contract with the Maharashtra State Road Transport Corporation for an Electronic ticket issuance and online reservation system. The project will deploy 36,000 electronic ticketing machines, handling approximately 6 billion passenger tickets over five years. Additionally, EbixCash holds advertising rights for the tickets, creating potential revenue opportunities. This initiative solidifies EbixCash's position in India's bus ticketing market, bolstering its leading role among public transport corporations.
Ebix, Inc. (NASDAQ: EBIX) has declared a quarterly dividend of 7.5 cents per common share, payable on December 16, 2022. Shareholders of record as of December 5, 2022 will receive this dividend. The company is recognized for its comprehensive software and e-commerce solutions tailored to various sectors including insurance, finance, healthcare, and education. With operations in over 200 offices globally, Ebix focuses on SaaS services and has a prominent presence in money remittance, foreign exchange, and travel industries.
Ebix, Inc. (NASDAQ: EBIX) reported Q3 2022 revenues of $257.9 million, up 35% year-over-year, with a GAAP operating income of $30.4 million and diluted EPS of $0.59. On a constant currency basis, revenues increased 43% to $274.8 million. Key growth came from EbixCash, with travel and remittance revenues growing 145% YoY. The company faced currency headwinds, negatively impacting reported results. Management is optimistic about addressing debt issues and plans a potential EbixCash IPO. Q3 2022 non-GAAP diluted EPS was $0.70.
Ebix, Inc. (NASDAQ: EBIX) will report its 2022 third quarter results on November 9, 2022, with an investor conference call scheduled for 11:00 AM ET to discuss the company's performance. This call is open to the public. Ebix specializes in on-demand software and e-commerce services across various sectors, including insurance and financial services, operating around 200 offices globally. The firm is known for its SaaS solutions and its comprehensive financial exchange portfolio, which supports multiple industries and markets worldwide.
Ebix, Inc. (NASDAQ: EBIX) recently provided an update on its business outlook, highlighting strong interest from international investors for substantial investments. The company is exploring a minority investment in its Indian subsidiary, EbixCash, and engaging investment bankers for refinancing existing loans. EbixCash's IPO is on track, with prior approvals from major stock exchanges in India. The company reaffirmed its financial discipline, reporting $229 million in cumulative cash payments over the last eight quarters. Despite the pandemic's impact, positive trends in travel and foreign exchange businesses were noted.
EbixCash Limited has formed a strategic partnership with Al Fardan Exchange LLC to facilitate the import and export of foreign currency banknotes. This agreement, signed by senior management from both companies, aims to enhance operational efficiency and provide competitive pricing in the foreign exchange market. EbixCash World Money already holds a strong market presence in India with 81+ retail branches and partnerships with over 1,200 corporate clients. This collaboration is expected to strengthen its service offerings between India and the UAE.
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