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 engaged Grant Thornton’s
Indian audit affiliate Walker Chandiok & Co LLP (WCC) to serve
as statutory auditors for its EbixCash group of companies in India.
In line with the regulations applicable on all international audit
firms in India, Grant Thornton in India carries out audit
assignments through its affiliate Walker Chandiok & Co LLP.
Grant Thornton in India is the only assurance
firm who voluntarily made the decision not to take up any
“non-attest” work from listed companies that are being audited by
them. Services such as consulting, transaction advisory and
valuations are termed as “non-attest” services.
EbixCash announced that its statutory audit in
India will be carried out jointly by two firms – Grant Thornton
India’s audit arm WCC and KG Somani & Co. (KGS), in view of the
Company’s desire to go into the EbixCash IPO on a solid footing.
KGS is one of India’s highly respected national audit firms while
Grant Thornton is one of the six largest audit fIrms
internationally.
Robin Raina, Chairman of the Board, President
& CEO Ebix, Inc. said, “We are pleased to take one more step
forward in the direction of a prospective EbixCash IPO. Grant
Thornton is one of the world’s most respected audit firms and they
are already the statutory auditors for our Australian companies for
more than a decade now. Their audit practice in India has a stellar
reputation and thus the decision to engage them, meant that we
would now have the same statutory auditor for two of our most
important geographies - India and Australia.”
Grant Thornton India is today one of the largest
fully integrated assurance, tax and advisory firms in India. With
1300+ staff, 47+ Partners, across 13 offices, the firm presently
handles the audit for 100+ large and listed Indian clients.
EbixCash today is one of India’s top on-demand
financial and insurance exchanges, 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.
About EbixCash and Ebix, Inc.
With 150+ 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 over
320,000 physical distribution outlets in India and Association of
Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel
online digital platform, the Company’s EbixCash Financial exchange
portfolio encompasses leadership in the areas of domestic and
international money remittance, foreign exchange (Forex), travel,
pre-paid & gift cards, utility payments, software solutions for
lending, wealth management, travel, bus exchanges and insurance in
India and other markets. EbixCash’s Forex operations have emerged
as a leader in India’s airport Foreign Exchange business with
operations in 20 international airports, including Delhi, Mumbai,
Mumbai, Hyderabad, Chennai and Kolkata, combined conducting over
$4.8 billion in gross transaction value per year (pre-COVID-19).
EbixCash’s inward remittance business in India processes
approximately $5 billion in gross annual remittance volume
(pre-COVID-19) and is the clear market leader. EbixCash, through
its travel portfolio of Via and Mercury, is also one of Southeast
Asia’s leading travel exchanges with over 200,000 agents, 25
branches and over 9,800 corporate clients, combined processing an
estimated $2.5 billion in gross merchandise value per year
(pre-COVID-19).
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 ongoing
effects of the Covid-19 global pandemic, the potential impacts of
RSM’s resignation; the risk of litigation or regulatory action
arising from RSM’s resignation and the resulting failure to failure
to timely file the Annual Report on Form 10-K for the fiscal year
ended December 31, 2020 (the “Annual Report”); the impact of these
matters on the value of the Company’s stock; 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 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 Joseph 678 -281-2027 or IR@ebix.com
David Collins or Chris Eddy Catalyst Global -
212-924-9800 or ebix@catalyst-ir.com
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