Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
healthcare, financial and e-learning industries, today announced
the addition of key new senior hires to strengthen and grow its
core insurance business in North America. The addition of
these senior executives was in addition to a few senior
realignments within Ebix, targeted at maximizing growth
opportunities in the insurance sector for Ebix in the year 2019 and
beyond. All these senior executives will report to Ash Sawhney, who
was appointed President, Insurance Solutions – North America in
August of this year.
The Company announced that Roger
Kahlon has joined in as Vice President of Market Strategy
and Enterprise Network Sales for Ebix’s North American Operations.
Mr. Kahlon will spearhead revenue growth initiatives by working
closely with the Division Heads and Account Owners to expand the
Company’s relationships with existing clients. His focus will be to
position Ebix as a strategic vendor-partner across a client’s
entire business enterprise. As a financial services industry
veteran, Mr. Kahlon brings 24 years of experience leading sales,
account management and consulting teams for solution providers
serving the financial services, banking and insurance
verticals.
“This is an exciting time to be joining Ebix, as
it launches into its next phase of growth,” said Kahlon. “Ebix has
a fabulous portfolio of products and services, and a terrific
opportunity to combine these into creative solutions to address the
high priority business needs of our clients, thereby solidifying
our position as their marquee vendor-partner and contributing
positively to our revenue growth.”
The Company also announced the appointment of
Chad Ross as Vice President of Annuity
Sales. In this pivotal role, Mr. Ross will be responsible for
deepening Ebix’s partnerships with Insurance carriers and
Distributors, while expanding the reach of Ebix’s Annuity and
Annuity Maintenance (AMP) tools through new partnerships and
innovative applications. Formerly Director of Broker Dealer
Services at Pacific Life, Mr. Ross brings more than 15 years of
experience in financial services to Ebix. Over the last decade, he
also held leadership roles within the Life and Annuity industry,
Insured Retirement Institute (IRI) and Operations Managers
Roundtable (OMR).
"I am thrilled to join the Ebix team. The
Company has proven to be the gold standard in providing
cutting-edge technology solutions to financial advisors, broker
dealers and BGA’s,” said Ross. "We have an incredible opportunity
to use our intimate knowledge of our clients and the market, to
offer innovative solutions across the entire ecosystem of the
retirement industry and drive our business to its next stage of
growth”.
The Company also said that it had hired
Cindy Price as the Vice President of Consulting
Sales for North America. Ms. Price will be responsible for
growing the Ebix consulting business in the areas of Life and
Annuities. Ms. Price has held various positions at ACORD,
Prudential, and The Hartford and brings over 25 years of
Relationship Management and Service Operations experience with a
strong focus on the Life and Annuity industry. She was instrumental
in chairing and participating in Industry Forums, such as LOMA
Equity Products Annuity Committee (LOMA EPAC), Insured Retirement
Institute (IRI), and Operations Managers Roundtable
(OMR).
“Ebix Consulting has always had a reputation for
high-quality delivery and deep industry expertise, and I am very
excited to lead the Company’s continued focus on customer
commitment in the consulting arena,” said Price. “We have a real
opportunity to grow the consulting business across our client base
and throughout their enterprise.”
In a key re-alignment, Ebix announced the
appointment of Venu Garneni to head Consulting
operations, which now includes a consolidation of Ebix’s Life,
property & casualty and Health insurance consulting operations.
Mr. Garneni brings 23 years of experience in consulting and was
previously one of the founders of PBSystems, which was acquired by
Ebix in 2015.
“I’m focused on leveraging the combined
strengths of the legacy, consulting organizations and our global
delivery capabilities to benefit our clients,” said Garneni.
“Additionally, we intend to present a clear end-to –end value
proposition to our clients for a broad spectrum of insurance
related services.”
“We are excited about the addition of Chad,
Cindy and Roger to the Ebix team”, said Ash Sawhney. “These
individuals working alongside our existing, senior leadership team
in North America will position us for growth. We see untapped
potential within our existing clients. We also see
opportunities to offer additional products and services, such as
platform-based process outsourcing, analytics, and strategic
management consulting. There are opportunities also for us to
partner with our clients to give them access to our large network
of B2B and B2C customers. This will provide additional
avenues for revenue growth.”
“We are now on an Ebix 2.0 journey path” said
Ebix Chairman of the Board, president and CEO, Robin
Raina. “As we explore new avenues of growth worldwide
in the financial sector, we will continue to grow our insurance
businesses worldwide. The appointment of Ash Sawhney to head
up our insurance businesses in North America, the addition of new
senior talent in the insurance arena, a few key leadership
realignments, and additional new senior hires that we intend to
make in the near future, are all a reflection of our commitment to
that journey.”
Robin added, “We also plan to supplement our
organic growth in the insurance sector with synergistic insurance
related acquisitions in North America. We are continuing to
explore accretive opportunities in North America that fit our
disciplined and proven track record.”
About Ebix, Inc.
With 50+ offices across 5 continents, Ebix,
Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and
E-commerce services to the insurance, financial, healthcare and
e-learning industries. In the Insurance sector, the Company’s main
focus is to develop and deploy a wide variety of insurance and
reinsurance exchanges on an on-demand basis, while also, providing
Software-as-a-Service ("SaaS") enterprise solutions in the area of
CRM, front-end & back-end systems, outsourced administrative
and risk compliance, across the world.
With a "Phygital” strategy that combines 260,000
physical distribution outlets in many Southeast Asian Nations
(“ASEAN”) countries, to an Omni-channel online digital platform,
the Company’s EbixCash Financial exchange portfolio encompasses
leadership in areas of domestic & international money
remittance, Forex, travel, pre-paid & gift cards, utility
payments, lending etc., in an emerging country like India. The
Company’s Forex Exchange has an approximate 70% market share of
India’s airport Foreign Exchange business encompassing 25
international airports like Delhi, Mumbai, Bangalore, Chennai and
Kolkata International airports, while conducting over 1 million
transactions per annum. EbixCash, through its travel portal
Via.com, is also one of Southeast Asia’s leading travel exchanges
with over 110,000 distribution outlets and 8,000 corporate clients
processing over 24.5 million transactions every year. For further
details, visit www.ebixcash.com
Through its various SaaS-based software
platforms, Ebix employs thousands of domain-specific 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
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:
Gautam Sharma or Darren Joseph
678 -281-2027 or IR@ebix.com
David Collins, Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com
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