EbixCash Signs Agreement to Transfer the Business Travel Contracts of Cox and Kings, to Its Mercury Corporate Travel Division...
September 27 2019 - 7:30AM
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 its EbixCash Indian subsidiary has signed an agreement with
Cox and Kings to transfer its Business Travel agreements with
corporates in India, to EbixCash’s corporate “Mercury” Travel
Division. This announcement comes as a part of EbixCash’s
initiative to aggressively grow its Corporate Travel business in
India.
Each of the transferred corporate clients of Cox
and Kings will now be serviced by EbixCash’s Mercury Division
across the length and breadth of the country. Under the agreement
some key core employees of Cox and Kings will also be transferred
to the EbixCash payroll with immediate effect. This transfer
agreement is part of EbixCash’s efforts to double its revenues as
compared to the last year, from the corporate travel sector by the
end of this Financial Year.
Naveen Kundu, Managing Director – Mercury
Division of EbixCash said, “We are simply transferring the
corporate agreements of Cox and Kings to ensure that the customers
continue to be well serviced and looked after. Our vast experience,
success record in the corporate travel business will be key in
servicing the corporates and they shall benefit from our bouquet of
travel and technology products.”
Naveen added, “All these corporates were already
being serviced by Cox and Kings using EbixCash’s technology
platform Zillious. That further ensures a seamless experience for
all the constituents involved in this transfer. I believe that the
strength of our state-of-the-art technology, expanse of our
Financial exchange, end-to-end enterprise travel functionality,
focus on cross selling, along with strong sales leadership;
positions us well to grow our travel and forex businesses in
conjunction aggressively globally.”
EbixCash, through its travel portfolio of Via
and Mercury, is also one of Southeast Asia’s leading travel
exchanges with over 2,200+ employees, 212,450+ agent network, 25
branches and over 9,800 corporate clients; processing an estimated
$2.5 billion in gross merchandise value per year. The Company has
also signed an agreement to acquire Yatra Online subject to
regulatory and Yatra shareholder approvals. Once that acquisition
is complete, EbixCash’s leadership in the corporate, B2B, luxury
and MICE businesses would be unrivaled by any player in the Indian
markets.
About Ebix, Inc.
With 50+ offices across 6 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, Ebix’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 administration
and risk compliance services, around the world.
With a "Phygital” strategy that combines 320,000 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, foreign exchange (Forex), travel, pre-paid & gift
cards, utility payments, lending, wealth management etc. in India
and other markets. EbixCash’s Forex operations have emerged as a
leader in India’s airport Foreign Exchange business with operations
in 32 international airports including Delhi, Mumbai, Bangalore,
Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in
gross transaction value per year. EbixCash’s inward remittance
business in India conducts approx. $6.5 billion gross annual
remittance business, confirming its undisputed leadership position
in India. EbixCash, through its travel portfolio of Via and
Mercury, is also one of Southeast Asia’s leading travel exchanges
with over 2,200+ employees, 212,450+ agent network, 25 branches and
over 9,800 corporate clients; processing an estimated $2.5 billion
in gross merchandise value per year. For more information, visit
the Company’s website at www.ebix.com
CONTACT:
Darren JosephIR@ebix.com or 678 281 2027
David Collins or Chris EddyCatalyst Global - 212-924-9800 or
ebix@catalyst-ir.com
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