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8-K - FORM 8-K - EBIX INC | c19673e8vk.htm |
Exhibit 99.1
IMMEDIATE RELEASE
Ebix Announces Increase to Share Buy Back Program
ATLANTA, GA June 30, 2011 Ebix, Inc. (NASDAQ: EBIX) a leading international supplier of
On-Demand software and E-commerce services to the insurance industry, today announced that its
Board of Directors has unanimously approved an increase to the Companys share repurchase program
from $45 million to $100 million. The Board also authorized the Company to possibly complete these
share repurchases over the next twelve months, and that they be funded by the Companys operating
cash flows. The Board made the determination to increase the share buy back plan limit after
reviewing Ebixs consistent cash flows.
The Company also reported that since January 1, 2011 and thru June 29, 2011 that it has
bought back 1.31 million shares of common stock for aggregate consideration in the amount of $26.2
million and at an overall average of $20.02 per share. All share repurchases were and continue to
be done in accordance with Rule 10b-18 of the Securities Exchange Act of 1934 as to the timing,
pricing, and volume of such transactions.
About Ebix
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 BPO services to custom software development for all
entities involved in the insurance industry.
With 30+ offices across Singapore, Australia, the US, New Zealand, India, China, Japan 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 that provide products, support and consultancy to thousands of
customers on six continents. Ebixs focus on quality has enabled it to be awarded Level 5 status of
the Carnegie Mellon Software Engineering Institutes Capability Maturity Model (CMM). Ebix has also
earned ISO 9001:2000 certification for both its development and BPO units in India. For more
information, visit the Companys website at www.ebix.com
CONTACT:
Neil van Helden
678-242-2824 or neil.van.helden@ebix.com
678-242-2824 or neil.van.helden@ebix.com
Aaron
678-281-2027 or atikkoo@ebix.com
678-281-2027 or atikkoo@ebix.com
Safe Harbor for Forward Looking Statements under the Private Securities Litigation Reform Act of
1995 This press release contains various forward looking statements and information that are
based on managements beliefs, as well as 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 Companys products by the
market and managements plans and objectives. The Company has tried to identify such forward
looking statements by use of words such as expects, intends, anticipates, plans,
believes, will, should, and similar expressions, but these words are not the exclusive means
of identifying such statements. Such statements are subject to various risks, uncertainties and
other factors which could cause actual results to vary materially from those expressed in, or
implied by, the forward looking statements. Such risks, uncertainties and other factors include the
extent to which the Companys new products and services can be successfully developed and marketed,
the integration and other risks associated with recent and future acquisitions, the willingness of
independent insurance agencies to outsource their computer and other processing needs to third
parties, the Companys ability to continue to develop new products to effectively address market
needs in an industry characterized by rapid technological change, the Companys dependence on the
insurance industry (and in particular independent agents), the highly competitive and rapidly
changing automation systems market, the Companys ability to effectively protect its applications
software and other proprietary information, the Companys ability to attract and retain quality
management, and software, technical sales and other personnel, the potential negative impact on the
Companys outsourcing business in India from adverse publicity and possible governmental
regulation, the risks of disruption of the Companys Internet connections or internal service
problems, the possibly adverse effects of a substantial increase in volume of traffic on the
Companys website, mainframe and other servers, possible security breaches on the Companys website
and the possible effects of insurance regulation on the Companys business. Certain of these, as
well as other, risks, uncertainties and other factors, are described in more detail in Ebixs
periodic filings with the Securities and Exchange Commission, including the companys annual report
on form 10-K for the year ended December 31, 2010, included under Item 1. BusinessRisk Factors.
Except as expressly required by the federal securities laws, the Company undertakes no obligation
to update any such factors or to publicly update any of the forward looking statements contained
herein to reflect future events or developments or changed circumstances or for any other reason.