Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
financial, e-governance and healthcare industries, today announced
that it has completed the acquisition of the Money Transfer Service
Scheme (MTSS) Business of YouFirst Money Express Private Limited,
and the acquisition of the MTSS assets of Wall Street Finance
Limited.
The acquisition of the MTSS Business of Wall
Street Finance Limited (BSE:WSFIN) along with the acquisition of
its subsidiary company Goldman Securities Limited, was completed
once the shareholder approvals and other requisite approvals had
been secured. The acquisition was announced by Ebix on 17th August
2017.
The acquisition of the MTSS business of YouFirst
Money Express Private Limited was completed also following YouFirst
securing the requisite approvals for the closing. The acquisition
was announced by Ebix on 21st August 2017.
Ebix also announced the acquisition of the MTSS
Business of Paul Merchants Limited (BSE:PML) on 21st September
2017. The agreement while approved by the Paul Merchants Board, is
subject to its shareholders and other regulatory/commercial
approvals. The completion of the acquisition is expected by 15th
November 2017.
Ebix intends to consolidate all these
acquisitions into its Financial Exchange operations bringing
significant synergies and redundancies to the combined
operation. With 75,000+physical retail outlets for Ebix’s
ItzCash financial exchange, the three MTSS business acquisitions
increase that distribution reach substantially to over 114,000
outlets across the country. Ebix’s ItzCash service is already the
largest domestic remittance exchange in India with domestic
remittance volume of approximately $100 million per month.
Ebix’s ItzCash exchange is a recognized leader
in prepaid cards, domestic remittances and bill payments,
processing approximately 600,000 transactions per day and
approximately $2 Billion in annual payment volume.
Each of these acquisitions is expected to be
accretive to Ebix earnings. The Company funded all the transactions
using its internal cash reserves.
About Ebix, Inc.A leading
international supplier of On-Demand software and E-commerce
services to the insurance, financial, e-governance and healthcare
industries, Ebix, Inc. provides end-to-end on-Demand solutions
ranging from infrastructure exchanges, front end & back end
enterprise systems, outsourced administrative & custom software
development solutions, and risk compliance solutions for various
entities involved in these industries.
With 40+ 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 annually
on its platforms. Through its various SaaS-based software
platforms, Ebix employs hundreds of domain specific business 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
About ItzCashAn Ebix Group
Company now, ItzCash Card Ltd., India’s leading Digital Payments
fintech was established in 2006. A pioneer in the prepaid payments
in India, ItzCash initiated the concept of ‘digital cash’ to the
Indian consumer and various business entities, heralding the
beginning towards enabling a cashless transacting society. ItzCash
continues to build on its innovation augmenting its product
portfolio offering wide choice of payments and money transfer
service having issued 110 million accounts to date. It constantly
invests in upgrading technology towards creating world‐class
Omni-channel payments platforms for the emerging India. ItzCash has
presence across consumer segments serving 35 million consumers
annually and over 94,000 franchisees in 3500+ cities and towns. For
further details, visit www.itzcash.com
SAFE HARBOR REGARDING FORWARD-LOOKING
STATEMENTSAs 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
economic performance and financial condition, liquidity and capital
resources, acceptance of the Company's products by the market, and
management's plans and objectives. 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 report and in the documents incorporated herein by reference.
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: the risk of an
unfavorable outcome of the pending governmental investigations or
shareholder class action lawsuits, reputational harm caused by such
investigations and lawsuits, the willingness of independent
insurance agencies to outsource their computer and other processing
needs to third parties; pricing and other competitive pressures and
the Company's ability to gain or maintain share of sales as a
result of actions by competitors and others; changes in estimates
in critical accounting judgments; changes in or failure to comply
with laws and regulations, including accounting standards, taxation
requirements (including tax rate changes, new tax laws and revised
tax interpretations) in domestic or foreign jurisdictions; exchange
rate fluctuations and other risks associated with investments and
operations in foreign countries (particularly in Australia, UK and
India wherein we have significant operations); equity markets,
including market disruptions and significant interest rate
fluctuations, which may impede our access to, or increase the cost
of, external financing; and international conflict, including
terrorist acts.
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:
Darren Joseph678 -281-2027 or
IR@ebix.com
Christopher Eddy or David CollinsCatalyst Global - 212-924-9800
or ebix@catalyst-ir.com
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