Ebix Announces India Expansion Plans With Purchase of New Buildings

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Release: 2014-09-02 07:06

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Ebix Inc (NASDAQ:EBIX) a leading international supplier of On-Demand software and E-commerce services to the insurance, finance and healthcare industries, today announced that it has completed the purchase of two new buildings in Noida, India, in the Export Processing Zone of the Govt. of India. The Company paid for the purchase using its own cash reserves in June 2014. The Company also announced that it has received a 100 percent tax-exempt status for these new buildings, until 2019, under the Software Export Zone (SEZ) Act of the Govt. of India, after which the Company is entitled to a 50 percent tax-free status in India until 2024.

With this new purchase, the Company now has a total of 10 offices in India spread across Noida, Chennai, Coimbatore, Nagpur, Hyderabad and Bangalore. Ebix presently employs in excess of 1,200 employees in India. These buildings will facilitate the Company's near- and long-term growth and acquisition plans and the associated need for offshore development and BPO resources.

The Company also launched a short film showcasing its India Development facility, designed and architected by the Ebix CEO Robin Raina. The short film with a tour of the facility can be seen on the Ebix home page at www.ebix.com by clicking on "Ebix India Facility – A Short Film".

About Ebix, Inc.

A leading international supplier of On-Demand software and E-commerce services to the insurance industry, 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 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 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.

CONTACT: Katie Shuford, Edelman - 404-443-7399
or Katie.Shuford@edelman.com

Aaron Tikkoo - 678-281-2027
or atikkoo@ebix.com