JOHNS CREEK, Ga., June 21, 2022 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: EBIX), (the “Company”) a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, travel, healthcare and e-learning industries today provided clarifications related to nature and metrics of businesses and brands that underlay its overall EbixCash business.
EbixCash App Downloads of 3.74 million plus - To support the various verticals and sub-brands of EbixCash’s travel, forex, payments, ticketing, remittance, bus exchange, healthcare businesses etc., EbixCash has developed a wide spectrum of highly focused B2B and B2C apps available via the Google Play Store, the Apple App Store or as html browser plugins. Though May 31, 2022 over 3.74 million downloads of these EbixCash Apps have happened, as referenced in the following link: https://ebixcash.com/ebixcashmobileapps/
While EbixCash has achieved substantial total downloads of its spectrum of apps, download metrics are not a core objective for the Company, as the Company is principally focused on providing its services digitally on computers via custom applications built specifically for B2B channel end users. The Company does pursue a direct-to-consumer channel however that is currently accomplished primarily through providing digital technology and services to approximately 650,000 retail locations across South-east Asia. These “phygital” EbixCash outlets are designed to provide “last mile” digital solutions to a prospective base of hundreds of millions of people across the length and breadth of South east Asia. EbixCash is building visibility and brand loyalty with this large base of customers as the Indian economy continues to grow and modernize.
Accordingly, EbixCash is differentiated by its growing array of services and profitable B2C strategy versus other market participants that continue to report substantial losses from their efforts to build viable long term businesses.
EbixCash WorldMoney Offices - As a result of Covid-19 pandemic shut-downs and as a part of its ongoing cost rationalization efforts, EbixCash elected to close a few EbixCash WorldMoney Forex offices and relocate them to higher traffic locations after securing requisite RBI approvals which are on file. EbixCash WorldMoney outlets are licensed by the RBI to exclusively provide foreign exchange services and thus are not able to sell domestic pre-paid gift cards.
Photos of the two closed offices and their replacement locations along with mapping images, can be seen on https://ebixcash.com/officerelocation/
RuPay, Master Card and Visa - EbixCash has long-standing, symbiotic relationships with each of the three leading credit card brands which include joint marketing initiatives to drive increased reach and business growth.
Photos of some of the campaigns can be seen here: https://ebixcash.com/brandingcards/
EbixCash provides a spectrum of mission critical services to its userbase while ensuring that its systems are running 24 hours per day, 7 days a week, 365 days a year. For more on EbixCash services, technology or distribution reach, please access www.EbixCash.com
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.
With a "Phygital” strategy that combines over 650,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), travel, pre-paid gift cards, utility payments, lending and wealth management across 75+ countries including India. EbixCash’s Forex operations is a leader in India’s airport Forex business, with operations in approximately 16 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata, combined conducting over $4.8 billion in gross transaction value per year (pre-COVID-19). EbixCash’s inward remittance business in India processed approximately $5 billion in gross annual remittance volume (pre-COVID-19) and is the clear market leader. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 517,000 agents and approximately 17,900 registered corporate clients, combined having processed an estimated $2.5 billion in gross merchandise value per year (pre-COVID-19). EbixCash's financial technologies business offers software solutions at the enterprise level for banks, asset and wealth management companies and trust companies within India, Southeast Asia, the Middle East and Africa. The EbixCash's e-learning solutions are provided to schools across the breadth of India via high quality 2-D and 3-D animation and multimedia learning. EbixCash's business process outsourcing services provide information technology and call center services to a variety of industries.
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
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
Darren Joseph
678 -281-2027 or IR@ebix.com
David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com