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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
At the India Economic Conclave on April 22, 2022, Ebix Chairman Robin Raina emphasized the need for India to prioritize intellectual property creation as essential for achieving self-reliance. He pointed out that Indian firms have primarily developed IP for foreign companies and advocated for a shift in focus. Raina also mentioned that the government is renewing its focus on this area, suggesting that Mr. Modi’s ‘Make in India’ must evolve into a global initiative. He urged Indian unicorns to become self-reliant to contribute effectively to this vision.
On April 13, 2022, Ebix announced that the Supreme Court of Delaware upheld a previous ruling against India-based travel agency Yatra. This follows a Delaware Chancery Court decision made on August 30, 2021, which dismissed Yatra's lawsuit filed in June 2020. The upheld ruling is significant for Ebix as it resolves a legal challenge from Yatra, potentially allowing Ebix to focus on its core business operations without the distraction of ongoing litigation.
EbixCash Limited has partnered with Axis Securities to enhance trading services for its customers. This collaboration enables a seamless 3-in-1 account integration for savings, demat, and trading, facilitating online trading in stocks and various investment instruments. EbixCash, a subsidiary of Ebix, Inc. (NASDAQ: EBIX), aims to simplify investment transactions and revolutionize the customer investing journey through this strategic alliance, leveraging Axis Securities' expertise in investment products and technology.
EbixCash Limited has secured a contract to design and implement an Intelligent Transport Management System (ITMS) for Andhra Pradesh State Road Transport Corporation. This project involves a minimum of 14,950 buses and is set for an initial term of 5 years starting from the Go-Live date. The system aims to enhance fare ticketing efficiency and prevent revenue leakage while providing real-time data management.
EbixCash continues to expand its digital and financial services, demonstrating its commitment to leveraging technology in transportation and other sectors.
Ebix, Inc. (NASDAQ: EBIX) announced its Indian subsidiary, EbixCash Limited, filed a Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO) totaling up to INR 60,000 million ($787 million) on March 9, 2022. The IPO proceeds will be allocated primarily for purchasing outstanding compulsorily convertible debentures, reducing Ebix, Inc.’s debt by approximately $350 million, with additional funding of $130 million directed toward working capital needs. Remaining funds will support growth initiatives, including acquisitions and investments.
Ebix, Inc. (NASDAQ: EBIX) reported its fiscal Q4 2021 and full year results, showing resilience despite COVID-19 impacts. For 2021, revenues reached $994.9 million, a 59% increase from 2020, driven by the EbixCash payment solutions. Q4 revenue was $266.8 million, up 20% year-over-year. Operating income for the year was $119 million, although GAAP net income fell 26% to $68.2 million. The company's operating cash flow grew 63% sequentially in Q4. Notably, EbixCash intends to file for an IPO in India, signaling potential growth opportunities.
Ebix, Inc. (NASDAQ: EBIX) announced it will report its 2021 fourth quarter and full year results on March 9, 2022, followed by an investor conference call at 11:00 am ET open to the public. The company provides software and e-commerce services across multiple industries including insurance and financial services. Ebix operates over 200 offices worldwide and has a strong presence in the Indian market with its EbixCash platform, which combines physical distribution with a digital framework, handling significant transaction volumes in various financial services.
Ebix, Inc. (NASDAQ: EBIX) announced a quarterly dividend of 7.5 cents per common share, payable on March 16, 2022, to shareholders of record as of March 4, 2022. This declaration demonstrates the company's commitment to returning value to its shareholders. With a global presence and over 50 offices across 6 continents, Ebix provides On-Demand software and E-commerce services, predominantly in insurance and finance sectors. Their market leadership in India, particularly through EbixCash, supports their strong financial ecosystem.
BSE Ebix Insurance Broking, a joint venture between BSE and Ebix Singapore, has signed an agreement to distribute Life Insurance Corporation (LIC) products through its digital platform. This collaboration aims to enhance insurance accessibility across India. EbixCash is seeking IRDA approval to transfer ownership of BSE EBIX to EbixCash Limited. The initiative is expected to boost BSE EBIX's life insurance portfolio, leveraging a phygital strategy that combines physical and digital distribution for effective service delivery.
EbixCash, a subsidiary of Ebix, has partnered with two travel wholesalers: Malaysia's Universal Travel and Saudi Arabia's Arjaa Travel. These agreements enable Universal to serve as the General Sales Agent for EbixCash's Via.com in Malaysia, allowing local travel agents to purchase airline tickets directly without international fees. Similarly, Arjaa will distribute Via.com's offerings to B2B agents in Saudi Arabia. This expansion aims to enhance EbixCash's footprint in Asia, positioning it for organic growth as the travel industry rebounds.
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