Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
financial, healthcare, and e-learning industries, announced that it
has signed an agreement with its Lenders, providing for a further
period until November 15, 2023 for repayment of certain obligations
under its Credit Facility, subject to certain conditions, while the
Company pursues strategic alternatives.
The Agreement mandates that by October 31, 2023
the Company and the requisite Lenders will agree on the terms of
either a further amendment to the Credit Agreement or an
alternative transaction for repayment of the obligations, and the
Company will deliver a carve-out plan in connection with the sale
of certain US assets or a combination of certain US asset sales
through an outbound process.
Ebix also announced that on September 29, 2023,
the Ebix’s board of directors (the “Board”) amended the Bylaws of
the Company to expand the size of the Board by two, and appointed
Elizabeth LaPuma and Jill Krueger as independent directors to fill
the vacancies created. Ms. LaPuma and Ms. Krueger will also serve
on the strategic investment committee of the Board.
A Certified Public Accountant and a Certified
Management Accountant, Ms. Krueger is the President and Chief
Executive Officer of Symbria, Inc. She has a rich experience in
corporate governance having served as a Director on two
publicly-traded boards, six privately-held for-profit or limited
liability company (LLC) boards, and three nonprofit boards. She
currently serves on the Board of Sonida Senior Living (NYSE: SNDA)
and iMedia Brands, Inc., a global interactive media company.
Ms. LaPuma brings over two decades of financial
advisory and board expertise across diverse industries. With a
strong background in originating and structuring complex financial
transactions, she is a trusted advisor to numerous business
leaders. Ms. LaPuma is a board member for other businesses within
the fintech, artificial intelligence, healthcare, consumer, and
real estate sectors. Prior to these roles, Ms. LaPuma was a
Managing Director and Head of Balance Sheet Advisory at UBS. Prior
to UBS, she was a Managing Director and head of Asset Management
Services at Alvarez & Marsal, advising governments and
financial institutions on diverse assets. Ms. LaPuma’s earlier
career includes roles at BlackRock, Lazard Frères & Co. LLC,
Credit Suisse and Perella Weinberg Partners L.P.
About Ebix, Inc.
With approximately 200 offices across 6
continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide
on-demand infrastructure exchanges to the insurance, financial
services, travel and healthcare industries.
With a "Phygital” strategy that combines over
650,000 physical distribution outlets in India and many Southeast
Asian Nations (“ASEAN”) countries as of December 31, 2021, 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 are carried out primarily through 82 retail
branches, 62 retail kiosks in 16 international airports, including
Delhi, Mumbai, Hyderabad, Chennai and Kolkata, 12 seaports, over
250 franchise partners across 69 cities, as well as offered through
more than 1200 corporate clients, more than 27 bank clients, and
5-star hotels in India. EbixCash, through its travel portfolio of
Via and Mercury, is also one of the leading non-bank travel
exchanges based in India and catering to approximately 517,000
agents and approximately 17,900 registered corporate clients as of
December 31, 2021. 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. EbixCash's business
process outsourcing services provide information technology and
call center services to a variety of industries.
For more information, visit the Company’s website at
www.ebix.com
CONTACT:
Darren Joseph
IR@ebix.com or +1 678 281 2027
David Collins or Chris Eddy, Catalyst Global
ebix@catalyst-ir.com or + 1 212-924-9800
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,” 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, 2022 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
Disclaimer with respect to Proposed IPO
of EbixCash:
EbixCash Limited is proposing, subject to
receipt of requisite approvals, market conditions and other
considerations, to make an initial public offer of its equity
shares and has filed a draft red herring prospectus (“DRHP”) with
the Securities and Exchange Board of India as well as addendum
dated June 1, 2023 (“Addendum”). The DRHP and Addendum are
available on the website of the SEBI at www.sebi.gov.in as well as
on the websites of the book running lead managers, Motilal Oswal
Investment Advisors Limited at www.motilaloswalgroup.com, Equirus
Capital Private Limited at www.equirus.com, ICICI Securities
Limited at www.icicisecurities.com, SBI Capital Markets Limited at
www.sbicaps.com and YES Securities (India) Limited at
www.yesinvest.in, respectively, and the websites of the stock
exchange(s) at www.bseindia.com and www.nseindia.com, respectively.
Investors should note that investment in equity shares involves a
high degree of risk and for details relating to such risk, see
"Risk Factors" of the RHP, when available. Potential investors
should not rely on the DRHP for any investment decision.
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