Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
healthcare, financial and e-learning industries, today announced
that its division EbixCash World Money, India’s leading Foreign
Exchange service provider, has been awarded rights for providing
Foreign Exchange services at Kannur International Airport in the
state of Kerala, India. The EbixCash WorldMoney Forex services were
inaugurated in the presence of India’s Civil Aviation Minister Mr.
Suresh Prabhu, Chief Minister of Kerala Mr. Pinaryi Vijayan, Union
Civil Aviation Minister of State, Mr. Jayant Sinha, Kerala
Government Ministers, Mr. E.P. Jayarajan, Mr. E. Chandrasekharan,
Airports Authority of India Chairman, Mr. Guruprasad Mohapatra,
Managing Director, Kannur International Airport Limited, Mr. V.
Thulasidas amongst other senior Central and State Government
officials, industry leaders and other functionaries.
Spread across 2,000 acres, the Kannur Airport is
the newest addition to India’s international airport portfolio. The
airport is expected to serve more than one million passengers
annually with passenger traffic estimated to increase five-fold by
2025. Kannur Airport is the second greenfield airport setup in the
public private partnership (PPP) model in the civil aviation
infrastructure sector in the state of Kerala.
EbixCash World Money will offer passengers
flying in & out of the city, foreign exchange at competitive
rates, along with a host of other products such as travelers
Cheques, multi-currency prepaid cards and travel
insurance.
Commenting on the launch, T C Guruprasad,
Managing Director, EbixCash WorldMoney said, “Kannur is a
fast-growing business and tourism destination with Wayanad and
Coorg being in close proximity. Besides being the district
headquarters, it offers a mix of beaches, forts and museums. A
large number of international flights also offer direct
connectivity from Middle East destinations such as Abu Dhabi,
Sharjah, Muscat, Riyadh, Doha and Kuwait, making it a strategic
location for us to offer our forex and travel services. We
currently have 6 branches and 9 airport forex counters in the state
of Kerala.”
The Kannur Airport Forex Services Contract marks
another coveted win for EbixCash WorldMoney, the undisputed leader
in India’s Foreign exchange and outward remittance markets. With a
turnover of approximately Rs. 15,000 crores (approximately USD 1.8
Billion), EbixCash WorldMoney Forex Exchange has an approximate 70%
market share of India’s airport Foreign Exchange business
encompassing 25 international airports like Delhi, Mumbai,
Bangalore, Chennai and Kolkata International airports, while
conducting over 1 million transactions per annum. The EbixCash
WorldMoney Exchange also has a 15% market share in India’s fast
growing $1.5 Billion education outward remittance business.
About EbixCash World
MoneyEbixCash World Money (formerly CentrumDirect Ltd),
has today grown to become one of the largest players in retail
Foreign Exchange Services with a turnover of approximately Rs.
15,000 crores (approximately USD 1.8 Billion). EBIXCASH World
Money’s mission of reaching its customers wherever they are, and
its tagline” Think Forex, Think EbixCash World Money” is
articulated through its’ network 25 airports, 95 branches in 59
cities including major airports and tourist destinations. It
services a wide and growing customer base of corporates, business,
leisure travelers and students. EbixCash World Money offers a wide
range of services that include Foreign Exchange, Corporate &
Leisure Travel, Insurance, Visa & E-business. The Company has
many firsts to its credit, like introducing the first prepaid Forex
card called the EbixCash World Money Travel card.
About Ebix, Inc.
With 50+ offices across 5 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, the Company’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 administrative
and risk compliance, across the world.
With a "Phygital” strategy that combines 260,000
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, Forex, travel, pre-paid & gift cards, utility
payments, lending etc., in an emerging country like India. The
Company’s Forex Exchange has an approximate 70% market share of
India’s airport Foreign Exchange business encompassing 25
international airports like Delhi, Mumbai, Bangalore, Chennai and
Kolkata International airports, while conducting over 1 million
transactions per annum. EbixCash, through its travel portal
Via.com, is also one of Southeast Asia’s leading travel exchanges
with over 110,000 distribution outlets and 8,000 corporate clients
processing over 24.5 million transactions every year. For further
details, visit www.ebixcash.com
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 risk of an
unfavorable outcome of the pending governmental investigations or
shareholder class action lawsuits, reputational harm caused by such
investigations and lawsuits, 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, UK 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:
Gautam Sharma or Darren Joseph
678 -281-2027 or IR@ebix.com
David Collins, Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com
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