JOHNS CREEK, GA – June 13, 2016 – Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, today announced that it has started the implementation of multiple projects for a number of state government and central government bodies in India, to provide enrollment services towards the Unique identification project of the Government of India. These projects are being implemented by Ebix’s newly formed joint venture subsidiary with Vayam Technologies Limited to address the E-governance sector in India.
The projects require providing enrollment services for two state Government organizations in the states of Rajasthan & Punjab, in addition to two central Government Public sector units - namely Punjab National Bank and CSC e-Governance Services India Limited. The project involves enrollment of citizens as per their income category into a number of unique identifiers like the Aaadhar or Bhamashah cards or both.
Unique identification (UI) project, as initially conceived by the Planning Commission is an ambitious initiative of the Government of India to provide a unique identification to each citizen across the country. The UI project of the Govt. of India sets out to evolve an efficient mechanism for delivery of services like healthcare, rations and other welfare services to citizens across the country. With a population of approximately 1.3 billion people spread across the 7th largest country in the world, the UI enrollment exercise is a rather large venture of the Government of India. The Company expects the UI contracts to generate anywhere between $3 million to $5 million a year, over the next few years.
Ebix Chairman, President and CEO Robin Raina said, “Our E-governance initiatives in India are targeted at providing end-to-end services in multiple sectors of the Digital India initiative of the Government of India. Towards that, we are keen to get involved in all facets of system integration as a turnkey vendor. We are trying to pursue large recurring opportunities that can allow us to be a participant in the basic digital infrastructure of the country. This announcement regarding the UI project is a step in that direction.”
A leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, Ebix, Inc., (NASDAQ: EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and risk compliance solutions to custom software development for all entities involved in the insurance industry.
With 40+ offices across Brazil, Singapore, Australia, the US, UK, New Zealand, India and Canada, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums on its platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of insurance and 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
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 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.
Darren Joseph
678 -281-2027 or IR@ebix.com
David Collins, Tanya Kamatu or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com