Ebixcash Signs Multi-Year Agreements With International Travel Exchanges
October 08 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 agreements with
international travel exchanges to deliver millions of airline
segments annually for a per segment fee, over a 5-year period,
beginning immediately. As a part of this agreement, EbixCash
collected a cumulative advance of $25 million from the
international travel exchanges, a few days back.
This agreement with international travel
exchanges is a recognition of the growing leadership presence of
EbixCash travel services in the Indian sub-continent. While the
Company declined to disclose the details of the agreements for
competitive reasons, EbixCash announced that over a period of time,
it is targeting cumulative net annual revenues between $15 to $20
million a year from international travel exchanges.
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. Recently the
Company stepped in to create a dedicated work force to transfer the
corporate clients of Cox and Kings to EbixCash’s Mercury Travel
Division. 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 sub-continent.
Robin Raina , Ebix, Inc. President and CEO said,
“We believe that we can be a force to reckon with globally in the
travel markets. We have devised an aggressive marketing plan to
continue to grow our travel business in India, Asia and the US in
the year 2020. Towards that extent, we are pleased to have the
qualitative and economic support of global travel exchanges in our
growth endeavors. ”
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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