Ebix, Inc. - EBIX STOCK NEWS

EbixCash Private Limited, a subsidiary of Ebix, has secured a significant contract to implement an Intelligent Transport Management System (ITMS) for North Bengal State Transport Corporation (NBSTC). This new agreement adds to existing contracts with three other state transport bodies, bringing the total to 2,800 buses covered in West Bengal. With a remarkable $1.7 billion in annual transactions, EbixCash's Bus Exchange Division leads India's enterprise bus e-commerce space, enhancing fare collection and streamlining operations for public transport.

EbixCash Limited has launched the EbixCash Globetrotter Multicurrency Prepaid Card through its Foreign Exchange Division, aiming for USD 1 billion in sales for 2023. The card supports 10 currencies and offers a range of features including Tap & Pay functionality and a dedicated consumer portal for transaction management. This initiative capitalizes on the growing demand for digital payment solutions, particularly in overseas education and travel sectors. As a leading player in India’s forex market, EbixCash is well-positioned to enhance customer experiences globally.

EbixCash has secured a 7-year contract to implement an Intelligent Transport Management System (ITMS) for the South Bengal State Transport Corporation (SBSTC). This project will automate fare ticketing for a minimum of 650 buses, improving operational efficiency and minimizing revenue leakage. This contract follows similar agreements with the Calcutta State Transport Corporation and Andhra Pradesh State Road Transport Corporation, enhancing EbixCash's presence in India's public transport sector. The company is a leader in Enterprise Bus E-commerce, managing $1.7 billion in annual transactions.

Ebix, a global provider of On-Demand software, announced a partnership with Aspida Life Insurance Company to enhance distribution via its AnnuityNet platform. This collaboration aims to boost efficiency in annuity transactions, connecting wealth management advisors with a variety of annuity products. The AnnuityNet4 platform fully automates transactions, ensuring compliance and reducing risk. Ebix's network now includes over 55 carriers and 100 distributors, representing about 70% of electronically submitted annuities in North America, marking significant growth in the annuity sector.

Ebix, Inc. (NASDAQ: EBIX) announced a quarterly dividend of 7.5 cents per common share, payable on September 15, 2022, to shareholders of record as of September 1, 2022. The company provides on-demand software and e-commerce services across various industries, including insurance and healthcare. With a strong presence in 75+ countries, Ebix focuses on expanding its financial services and technology solutions while maintaining a significant network in India and Southeast Asia.

Ebix reported Q2 2022 revenues of $250.8 million, marking a 2% year-over-year growth. The company achieved a GAAP diluted EPS of $0.63, reflecting a 23% increase from the previous year. Operating income rose 10% year-over-year to $30.1 million, while cash flow from operations stood at $21.4 million. Significant growth was noted in EbixCash revenues, which surged 293% year-over-year, contributing to a notable increase in quarterly performance despite currency headwinds. Overall, the company's diversified global presence continues to yield positive results.

Ebix (NASDAQ: EBIX) will report its second quarter 2022 results on August 9, 2022. An investor conference call is scheduled for 11:00 am ET the same day, open to the public. Participants must pre-register 30 minutes before the call. A live webcast will also be available, with a replay accessible on the company's investor website within a day. Ebix operates internationally, offering software and e-commerce services across sectors including insurance and financial services.

EbixCash Limited has partnered with Jammu & Kashmir Bank to enhance its international remittance services via Ria Money Transfer, launching on August 15, 2022. This collaboration enables J&K Bank’s 1,000 branches to facilitate remittance for non-resident Indians, particularly those in the Gulf, US, Europe, and Canada. EbixCash, a subsidiary of Ebix, Inc. (NASDAQ: EBIX), is a leader in the international remittance sector in India. The partnership is expected to significantly expand EbixCash’s reach in the Jammu, Kashmir, and Ladakh regions, coinciding with India’s 75th Independence Day.

EbixCash Limited announced recognition for its Payments Solution Division for outstanding growth in managing Ria Money Transfer in India. In 2021, EbixCash's remittance operations represented approximately 75% of Ria's business in the region. The company also surpassed its goal by establishing 100,000 agent locations for Ria’s services, significantly exceeding its original target of 40,000. These achievements showcase EbixCash's leadership in the international remittance sector, reinforcing its market position in India.