Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
finance and healthcare industries, today announced that it is
continuing to look at acquisitions of all sizes as it builds its
portfolio of industry leading software solutions.
Ebix's amended Credit Agreement allows the Company to make two
named acquisitions in international markets that total up to $58.5
million (including Healthcare Magic acquired by Ebix on May 27th)
through the term of the Agreement, which is in effect until April
2016.
The Company believes that while its cash reserves and operating
cash flow is sufficient to fund these acquisitions, it is looking
to secure a new credit facility with additional flexibility and
improved pricing, to fund any other acquisitions beyond this basket
that the Company might identify.
The Company reiterated that Ebix's capital allocation strategy
is focused on reinvesting in its core business including
acquisitions and paying down debt. The Company is considering
acquisitions in all of its current verticals, namely Life, Health,
Annuities and Property & Casualty.
About Ebix, Inc.
A leading international supplier of On-Demand software and
E-commerce services to the insurance industry, Ebix, Inc.,
(Nasdaq:EBIX) provides end-to-end solutions ranging from
infrastructure exchanges, carrier systems, agency systems and risk
compliance solutions to custom software development for all
entities involved in the insurance industry.
With 35+ offices across Australia, Brazil, Canada, India, New
Zealand, Singapore, the US and the UK, Ebix powers multiple
exchanges across the world in the field of life, annuity, health
and property & casualty insurance while conducting in excess of
$100 billion in insurance premiums on its platforms. Through its
various SaaS-based software platforms, Ebix employs hundreds of
insurance and technology professionals to provide products, support
and consultancy to thousands of customers on six continents. For
more information, visit the Company's website at www.ebix.com.
SAFE HARBOR REGARDING FORWARD-LOOKING
STATEMENTS
As used herein, the terms "Ebix," "the Company," "we," "our" and
"us" refer to Ebix, Inc., a Delaware corporation, and its
consolidated subsidiaries as a combined entity, except where it is
clear that the terms mean only Ebix, Inc.
The information contained in this Press Release contains
forward-looking statements and information within the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. This information includes
assumptions made by, and information currently available to
management, including statements regarding future acquisitions and
the company's ability to refinance its credit. In addition, certain
statements included in this and our future filings with the
Securities and Exchange Commission ("SEC"), in press releases, and
in oral and written statements made by us or with our approval,
which are not statements of historical fact, are forward-looking
statements. Words such as "may," "could," "should," "would,"
"believe," "expect," "anticipate," "estimate," "intend," "seeks,"
"plan," "project," "continue," "predict," "will," "should," and
other words or expressions of similar meaning are intended by the
Company to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are found at various places throughout
this press release. These statements are based on our current
expectations about future events or results and information that is
currently available to us, involve assumptions, risks, and
uncertainties, and speak only as of the date on which such
statements are made.
Our actual results may differ materially from those expressed or
implied in these forward-looking statements. Factors that may cause
such a difference, include, but are not limited to those discussed
in our Annual Report on Form 10-K and subsequent reports filed with
the SEC, as well as risks associated with the ability of the
Company to identify, negotiate and complete acquisitions, as well
as risks associated with any refinancing or replacement of the
Company's credit facility.
Except as expressly required by the federal securities laws, the
Company undertakes no obligation to update any such factors, or to
publicly announce the results of, or changes to any of the
forward-looking statements contained herein to reflect future
events, developments, changed circumstances, or for any other
reason.
Readers should carefully review the disclosures and the risk
factors described in the documents we file from time to time with
the SEC, including future reports on Forms 10-Q and 8-K, and any
amendments thereto.
You may obtain our SEC filings at our website, www.ebix.com
under the "Investor Information" section, or over the Internet at
the SEC's web site, www.sec.gov.
CONTACT: Investors
Steven N. Barlow, Vice President - Investor Relations
678-281-2043 or steve.barlow@ebix.com
Aaron Tikkoo
678-281-2027 or atikkoo@ebix.com
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