EbixCash Private Limited, a subsidiary of 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 the appointment of Mr. SP
Kothari, as a new independent director to the EbixCash Board.
Professor Kothari has senior executive experience in government,
academia, and industry with expertise in strategic and policy
issues, securities regulation, auditing, and corporate governance.
S.P. Kothari is Gordon Y Billard Professor of
Accounting and Finance at MIT’s Sloan School of Management. Most
recently, from 2019 to 2021 he served as Chief Economist and
Director of the Division of Economic and Risk Analysis at the US
Securities and Exchange Commission.
In academia, Kothari was deputy dean of MIT
Sloan School of Management (2010-15), and previously he headed the
Department of Economics, Finance and Accounting at MIT. In
addition, he Co-Chaired the Board of Governors of Asia School of
Business, Kuala Lumpur, served as faculty director of the MIT-India
Program, and edited the world-renowned academic publication Journal
of Accounting & Economics.
In 2008-09, Kothari was global head of equity
research for Barclays Global Investors (acquired by BlackRock); he
was a director of Bombay Stock Exchange (BSE) (2015-19); and he has
consulted extensively on valuation and reporting, risk management,
auditing, and management compensation.
Kothari is a recipient of numerous awards for
his scholarship, including one of India’s highest civilian honors –
the Padma Shri award in 2020, Honorary Doctorates from London
Business School, University of Cyprus, and University of
Technology, Sydney, and American Accounting Association’s
Distinguished Contributions to the Accounting Literature award.
SP Kothari said, “I am grateful for the honor of
serving as a director of EbixCash that promises to transform the
financial & insurance service sectors, and the leisure and
healthcare industry by offering seamless connectivity and ease of
access to millions of consumers. The resulting productivity gains
are crucial for the growth of national and individual incomes.”
“SP brings a rich blend of leadership level
regulatory, accounting, strategic, and corporate governance
experience across the industry, government and academic sectors to
the Board. We are excited to have him on the EbixCash Board.” Robin
Raina, Chairman, President & CEO Ebix Inc, said. “His
experience and skills will provide us with the strategic guidance
and direction that EbixCash needs as we embark on the next cycle of
growth and a prospective IPO for EbixCash.”
Kothari received his B.S. in Engineering from
the Birla Institute of Technology & Science and his MBA (PGDM)
from the Indian Institute of Management, Ahmedabad. Dr. Kothari
earned his PhD from the University of Iowa.
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 develops and
deploys 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.
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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