JOHNS CREEK, Ga., Dec. 21, 2018 (GLOBE NEWSWIRE) — 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 it has been awarded the purchase order to deploy an end-to-end Bus Exchange solution for an estimated count of approximately 300 million passengers travelling annually, by Public Roadways for a key North Indian state.
Ebix’s Bus Exchange Division won the Build-own-operate order to deploy and maintain the technology solution to power the integrated transport management system across more than 4,500 Buses and 50 Bus Depots, for the Public Roadways Corporation in this North Indian state. Under the terms of the order, Ebix will provide the following key services –
- Operate, manage and Support the software, hardware, network infrastructure and connectivity for a period of 5 years, on a Build, Own and Operate (BOO) basis.
- Provide the solution to power the on-demand ticketing needs of an estimated 300 million passengers annually, through smart card applications working across buses, depots, online and mobile applications.
- Deploy kiosks that would serve as self-serving ticket vending machines at named locations.
- Provide managerial information system for data analysis and data mining of various bus operations across the state including total tickets issued, passenger load, revenues collected, bus occupancy percentage, fleet utilization etc.
- Get paid on a per passenger ticket issued basis across the state, over the next 5 years.
Robin Raina, President & CEO, Ebix Inc. said, “We are excited to be implementing our vision to provide end-to-end technology solutions that encompass various financial exchange products including smart cards, online & mobile e-wallets, e-ticketing, and travel solutions for one of the leading Public Roadways Corporations in India. We expect many more such wins over the next few quarters, for similar deployments in other states of India.”
Robin added, “We like recurring revenue businesses wherein we can power end-to-end technology, while providing on-going on-demand solutions and efficiency for all the constituents involved. Our vision is to be the largest integrated financial and insurance exchange, that can assimilate B2C and B2B processes across key sectors of an economy like travel, healthcare, insurance, lending, stock transactions, wealth management, forex and remittances. Towards that extent, this is a great win for us.”
Ebix chose not to disclose the name of the client involved, until it issues a common press release with the state roadways corporation, after the deployment is complete.
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: CONTACT: Gautam Sharma or Darren Joseph 678 -281-2027 or [email protected] David Collins, Chris Eddy Catalyst Global - 212-924-9800 or [email protected]
