Ebix, Inc. - EBIX STOCK NEWS

Ebix Partners with DTCC to enhance annuity compliance solutions through the integration of Ebix's AnnuityNet platform with DTCC's Producer Management Portal. This collaboration aims to streamline compliance processes, reduce costs, and minimize risks related to training certifications for annuity agents. The automated platform will facilitate real-time communication regarding producer training completions, addressing the challenge of 'Not In Good Order' submissions. In 2020, 70% of annuity applications processed by DTCC originated from AnnuityNet, highlighting its significant role in the industry.

EbixCash, the subsidiary of Ebix (NASDAQ: EBIX), has partnered with India's leading home shopping brand, Naaptol, to manage its Customer Care Operations in the East Region. This collaboration follows an earlier successful partnership targeting Telugu and Kannada markets. Naaptol reaches over 24,000 zip codes across India, providing diverse lifestyle products. The executives from both companies expressed enthusiasm about the partnership, highlighting its significance in enhancing customer experience and operational efficiency.

EbixCash Private Limited, a subsidiary of Ebix, Inc. (NASDAQ: EBIX), announced that its wealth management platform, MoneyWare®, achieved Leaderboard status in the IBS Sales League Table for 2021. This recognition marks the sixth consecutive year MoneyWare® has been ranked among the top solutions globally. EbixCash topped four categories, including Private Banking and Wealth Management. The platform enhances operational efficiency for wealth managers and supports over 300 customers worldwide, further solidifying EbixCash's position in the financial technology sector.

EbixCash, a subsidiary of Ebix, Inc. (NASDAQ: EBIX), has been appointed by Punjab National Bank (PNB) as its Network Integrator for a three-year contract starting July 1, 2021. The deal entails deploying over 1,000 EbixCash employees to manage PNB's Enterprise Wide Area Network across the country, which includes its headquarters, 24 zonal offices, and 16,250 branches. This partnership underscores EbixCash's expertise in technology-driven solutions and strengthens its position in India's financial services sector.

EbixCash Private Limited, a subsidiary of Ebix, Inc. (NASDAQ: EBIX), has appointed Mr. S Ravi as an independent director on its board. Ravi, with extensive experience across various sectors, including banks, insurance, and tourism, aims to contribute to EbixCash's growth and prepare for a future IPO. His past roles include Chairman of Bombay Stock Exchange and various board positions in prominent financial institutions. The company also recently appointed SP Kothari to its board and appointed Grant Thornton as joint statutory auditors.

EbixCash, a subsidiary of Ebix, has appointed Mr. SP Kothari as an independent director to its Board. Kothari brings extensive experience in government, academia, and industry, including a recent role as Chief Economist at the US Securities and Exchange Commission. His academic leadership at MIT and global equity research experience will enhance EbixCash's strategic direction, especially as the company seeks growth and prepares for a prospective IPO. Chairman Robin Raina emphasized that Kothari's expertise will be vital for EbixCash's next growth cycle.

Ebix, Inc. (NASDAQ: EBIX) has engaged Grant Thornton's Indian affiliate, Walker Chandiok & Co LLP (WCC), as statutory auditors for its EbixCash group in India, aiming for a solid footing ahead of a potential IPO. The audit will be done jointly with KG Somani & Co., a respected national firm. This move aligns with EbixCash’s strategy to reinforce its presence as a leading financial and insurance exchange in India and ASEAN, leveraging over 320,000 physical outlets and a robust online platform.

Ebix, Inc. (NASDAQ: EBIX) has declared a quarterly dividend of 7.5 cents per common share, payable on June 15, 2021, to shareholders of record as of June 2, 2021. The company specializes in providing on-demand software and e-commerce services across various sectors including insurance, finance, healthcare, and e-learning. Ebix operates over 50 offices worldwide and boasts significant leadership in money remittance and foreign exchange operations, particularly in India. The gross transaction value from its Forex operations is estimated to exceed $4.8 billion annually.

Ebix, Inc. (NASDAQ: EBIX) reported a remarkable revenue increase of 110% year-over-year, totaling $290 million for Q1 2021. Despite challenges from COVID-19, the company achieved a GAAP operating income of $31.2 million and a non-GAAP operating income of $35.6 million. GAAP diluted EPS was $0.70, with non-GAAP diluted EPS at $0.84. The results reflect strong growth driven by its exchanges, particularly EbixCash, which accounted for 95% of revenues. Ebix maintains strong liquidity with over $130 million in cash and investments, highlighting resilience amid ongoing global challenges.