Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
financial, healthcare and e-learning industries today announced
that it has appointed RSM US LLP to serve as the Company's
independent consolidated auditor for 2019. RSM will replace T R
Chadha & Co. LLP (“TRC”), who will continue as the Company's
consolidated auditor for the fiscal year ending December 31, 2018.
RSM US LLP is the fifth largest accounting firm
in the United States, with over 9,600 employees across 90 cities
nationwide providing audit, tax, and consulting services. The firm
was founded in 1926 and is headquartered in Chicago, Illinois.
The Audit Committee of the Company's Board of
Directors solicited proposals from four major accounting firms and
conducted an extensive evaluation process in connection with the
selection of the Company's independent auditors. Following this
process, on December 21, 2018, the Audit Committee appointed RSM US
LLP to serve as the Company's independent auditor for 2019.
RSM US LLP is a member firm of global accounting
network RSM International, through which the firm brings an
affiliation of 75 independent accounting firms with 215 locations
in 38 states and Puerto Rico.
The Company also announced that it has decided
to continue with the services of KPMG for business combination
valuation, and Ernst & Young for tax advice, tax provisioning
and internal audit services, for the year 2018 and 2019.
Lastly the Company reiterated that it in
connection with the audits of the Company's consolidated financial
statements for the fiscal years ended December 31, 2016 and 2017,
and in the subsequent interim period till 27th December 2018, there
were no disagreements with any of its present or past auditors on
any matters of accounting principles or practices, financial
statement disclosure or auditing scope and procedures which, if not
resolved to the satisfaction of the auditors, would have caused
them to make reference to the matter in their report.
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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