EbixCash 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 that it has been awarded a long-term
order for implementation of a new Electronic ticket issuance and
online reservation system for one of India’s largest states
Maharashtra, by the Government owned Maharashtra State Road
Transport Corporation (MSRTC).
EbixCash will implement the end-to-end on-demand
bus automation system involving deployment of 36,000 Electronic
ticketing machines across all the MSRTC buses in the state. The
initial term of the contract will be 5 years. As per the order, it
is estimated that 6 billion passenger tickets (600 crore tickets)
will be handled by EbixCash over the initial 5-year term. As an
integral part of the order, EbixCash also has been awarded
advertising rights for printing any advertisement on backside of
each ticket.
EbixCash’s Intelligent Transport Management
System (ITMS) serves to automate all aspects of fare ticketing and
collection including Electronic Ticketing Machines & the
software. It provides tremendous upside to a bus corporation, in
terms of plugging any revenue leakage, faster services to the end
commuters, complete control over bus economics by route in real
time, trackability and audit trail of transactions, streamlined MIS
and real time data; besides endeavoring to optimize manpower usage
across all the buses run by the two Corporations.
Robin Raina, Chairman of the Board, EbixCash
said, “This is a highly prestigious and the largest roadways
corporation win by EbixCash, in terms of revenues and ticket
volumes. With EbixCash retaining advertising print rights on each
of these 6 billion tickets, it allows us a tremendous opportunity
to either promote our EbixCash brand or to sell advertising rights
to other companies. We are excited to be powering the technology
across all the buses of the Maharashtra roadways corporation, in
one of the largest states in the country.”
EbixCash’s Bus Exchange Division is India’s
dominant leader in the area of Enterprise Bus E-commerce handling
$1.7 Billion of annual transactions, across 30% of India’s bus
ticketing system network with 15+ large state-owned public
transport corporations as clients.
About EbixCash
With a "Phygital” strategy that combines over
650,000 physical agent distribution outlets throughout India and
Southeast Asia as of December 31, 2021, to an Omni-channel online
digital platform, the Company’s Financial exchange portfolio of
software and services encompasses domestic and international money
remittance, foreign exchange (Forex), pre-paid gift cards, utility
payments, travel services and technologies for insurance, bus
information systems, lending and wealth management across 75+
countries including India. EbixCash has Forex operations in
approximately 16 international airports, including Delhi, Mumbai,
Mumbai, Hyderabad, Chennai and Kolkata. EbixCash is a leader in the
international remittance business based on gross transactional
value. EbixCash, through its travel portfolio (Via.com and
EbixCash.com), is one of the leading travel exchanges based in
India and catering to Southeast Asian markets, with over 517,000
agents and approximately 17,900 registered corporate clients.
EbixCash's financial technologies business offers software
solutions to various clients in the areas of wealth, asset and
lending management, insurance and bus information systems.
EbixCash's business process outsourcing services provide
information technology and call center services to a variety of
industries. For more information, visit the Company’s website at
www.ebixcash.com
About Ebix, Inc.
With approximately 200 offices across 6
continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide
on-demand software and e-commerce services to the insurance,
financial services, travel, 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.
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
IR@ebix.com or +1 678 281 2027
David Collins or Chris Eddy
Catalyst Global + 1 212-924-9800 or
ebix@catalyst-ir.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,” 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 for
the year ended December 31, 2021 and subsequent reports filed with
the SEC, as well as: the ongoing effects of the Covid-19 global
pandemic, 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 India, Australia
and Asia, Latin America and Europe wherein we have significant
and/or growing operations); fluctuations in the equity markets,
including market disruptions and significant interest rate
fluctuations, which may impede our access to, or increase the cost
of, external financing; ability to secure additional financing to
support capital requirements; credit facility provisions that could
materially restrict our business; costs and effects of litigation,
investigations or similar matters that could affect our business,
operating results and financial condition; and international
conflict, including terrorist acts and wars.
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
Disclaimer:
EbixCash Limited is proposing, subject to
receipt of requisite approvals, market conditions and other
considerations, to make an initial public offer of its equity
shares and has filed a draft red herring prospectus (“DRHP”) with
the Securities and Exchange Board of India. The DRHP is available
on the website of the SEBI at www.sebi.gov.in as well as on the
websites of the book running lead managers, Motilal Oswal
Investment Advisors Limited at www.motilaloswalgroup.com, Equirus
Capital Private Limited at www.equirus.com, ICICI Securities
Limited at www.icicisecurities.com, SBI Capital Markets Limited at
www.sbicaps.com and YES Securities (India) Limited at
www.yesinvest.in, respectively, and the websites of the stock
exchange(s) at www.bseindia.com and www.nseindia.com, respectively.
Investors should note that investment in equity shares involves a
high degree of risk and for details relating to such risk, see
"Risk Factors" of the RHP, when available. Potential investors
should not rely on the DRHP for any investment decision.
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