JOHNS CREEK, Ga., Oct. 12, 2017 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier
of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, today announced
that it has completed the acquisition of the Money Transfer Service Scheme (MTSS) Business of YouFirst Money Express Private
Limited, and the acquisition of the MTSS assets of Wall Street Finance Limited.
The acquisition of the MTSS Business of Wall Street Finance Limited (BSE:WSFIN) along with the acquisition of
its subsidiary company Goldman Securities Limited, was completed once the shareholder approvals and other requisite approvals had
been secured. The acquisition was announced by Ebix on 17th August 2017.
The acquisition of the MTSS business of YouFirst Money Express Private Limited was completed also following
YouFirst securing the requisite approvals for the closing. The acquisition was announced by Ebix on 21st August 2017.
Ebix also announced the acquisition of the MTSS Business of Paul Merchants Limited (BSE:PML) on 21st
September 2017. The agreement while approved by the Paul Merchants Board, is subject to its shareholders and other
regulatory/commercial approvals. The completion of the acquisition is expected by 15th November 2017.
Ebix intends to consolidate all these acquisitions into its Financial Exchange operations bringing significant
synergies and redundancies to the combined operation. With 75,000+physical retail outlets for Ebix’s ItzCash financial
exchange, the three MTSS business acquisitions increase that distribution reach substantially to over 114,000 outlets across the
country. Ebix’s ItzCash service is already the largest domestic remittance exchange in India with domestic remittance volume of
approximately $100 million per month.
Ebix’s ItzCash exchange is a recognized leader in prepaid cards, domestic remittances and bill payments,
processing approximately 600,000 transactions per day and approximately $2 Billion in annual payment volume.
Each of these acquisitions is expected to be accretive to Ebix earnings. The Company funded all the transactions
using its internal cash reserves.
About Ebix, Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and
healthcare industries, Ebix, Inc. provides end-to-end on-Demand solutions ranging from infrastructure exchanges, front end & back
end enterprise systems, outsourced administrative & custom software development solutions, and risk compliance solutions for
various entities involved in these industries.
With 40+ offices across Australia, Brazil, Canada, India, New Zealand, Singapore, the US and the UK, 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 annually on its platforms. Through its various SaaS-based software platforms, Ebix
employs hundreds of domain specific business 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
About ItzCash
An Ebix Group Company now, ItzCash Card Ltd., India’s leading Digital Payments fintech was established in 2006. A pioneer in the
prepaid payments in India, ItzCash initiated the concept of ‘digital cash’ to the Indian consumer and various business entities,
heralding the beginning towards enabling a cashless transacting society. ItzCash continues to build on its innovation augmenting
its product portfolio offering wide choice of payments and money transfer service having issued 110 million accounts to date. It
constantly invests in upgrading technology towards creating world‐class Omni-channel payments platforms for the emerging India.
ItzCash has presence across consumer segments serving 35 million consumers annually and over 94,000 franchisees in 3500+ cities and
towns. For further details, visit www.itzcash.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:
Darren Joseph
678 -281-2027 or IR@ebix.com
Christopher Eddy or David Collins
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com
