JOHNS CREEK, Ga., Jan. 15, 2019 (GLOBE NEWSWIRE) — 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 made a number of key announcements in the area of Annuity exchanges.
The Company announced that it has successfully completed the implementation of its enterprise annuity exchange platform AnnuityNet4 (AN4), across its entire client base in the United States, besides signing four new contracts with Life and Annuity insurance companies in the fourth quarter of 2018.
AN4 is a highly complex complete technology rewrite of Ebix’s previous AnnuityNet platform, involving more than a hundred man-years of development time. The AN4 platform implementation across Ebix’s entire client base is especially noteworthy since it successfully reverse engineered all the client specific customizations undertaken on Ebix’s previous AnnuityNet platform. AN4 is a cutting edge and highly secure industry compliant platform that supports new transaction types for Inforce policies like withdrawals, fund transfers and policy maintenance, besides being highly configurable, and allowing Ebix clients to on-board their advisors on their own, in an expeditious manner.
Ebix also announced that it has continued to expand on its market share in the industry by signing new contracts in Q4 2018, with four life insurance companies including Fidelity and Guaranty Life, United Life and Guaranty Income Life.
The Company also announced that it has partnered with industry leading solution providers Docupace, Annuity Rate Watch and Fiduciary Exchange by integrating AN4 with their platforms, creating new avenues for revenue growth.
Ash Sawhney, President – Insurance Solutions North America said, “The upgrade to AnnuityNet4 was a major accomplishment. Being a dominant player in the Annuity exchange market, we are mindful of our position and responsibility to enhance the platform and take the industry forward. We look forward to creating more momentum in the market as it relates to electronic submissions. We also welcome the new clients and partners on the platform.”
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 330,000 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 a dominant market share of India’s airport Foreign Exchange business encompassing 32 international airports like Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Goa and Kolkata International airports, while conducting over $3 Billion in GMV. EbixCash, through its travel portals Via.com and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 220,000 distribution outlets and 9,800+ corporate clients processing over $1.16 Billion in Gross Merchandise Value (GMV) 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: CONTACT: Darren Joseph or Gautam Sharma 678-281-2027 or IR@ebix.com David Collins or Chris Eddy Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com