Ebix Successfully Expands the A.D.A.M. Health Services Business to India with Key Healthcare Client Wins
JOHNS CREEK, Ga., June 24, 2019 (GLOBE NEWSWIRE) — 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 successfully built the A.D.A.M. Health services Division in India, with annualized revenue streams of approximately $3.5 to $4 million a year.
In Q2 2019, the A.D.A.M. Health Services division in India deployed new Health services clients like Danisco India, Glenmark Pharmaceuticals, Medley Pharmaceuticals, Cargill India, Orient Electric, Amway India, Abbot Healthcare, Veeba Food, McW Healthcare, Indiabulls Pharmaceuticals, Koye Pharmaceuticals, Corner Store technologies and Modern Advertising Agency etc.
A.D.A.M. is a business unit of Ebix focused on providing innovative health content and education solutions to Doctors, nurses, hospitals, pharma companies, insurance carriers, best-in-class websites, consumer health portals, healthcare, and academic organizations. Its Oakstone continuing medical education (CME) courses serve the medical and dental communities with a vast array of continuing education materials, including recorded conferences, journal reviews and learning systems designed to help practicing medical professionals stay on top of their professions, improve patient care and prepare for certification/recertification exams.
The A.D.A.M. health services business in India today has a strong sales group locally, that is managed and supported by the A.D.A.M. US Division in terms of sales and management support. This India healthcare initiative has been a part of the A.D.A.M. US Division’s efforts to grow its revenue streams worldwide and build up a strong sales footprint that covers key geographies internationally.
About Oakstone
Oakstone, the continuing medical education service is an integral part of Ebix’s A.D.A.M. business unit. It is a leading provider of unbiased, multimedia continuing education. Oakstone serves the medical and dental communities with a vast array of continuing education materials, including recorded conferences, journal reviews and learning systems designed to help practicing medical professionals stay on top of their professions, improve patient care and prepare for certification/recertification exams. For more information, visit www.Oakstone.com
About A.D.A.M.
A.D.A.M. is a business unit of Ebix focused on providing innovative multimedia health content trusted by best-in-class websites, consumer health portals, healthcare, biomedical, medical device, pharmaceutical and academic organizations. For more information, visit the business unit’s website at www.ADAM.com
About Ebix, Inc.
With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, 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 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $5 billion gross annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year. EbixCash’s technology services Division has emerged as a leader in the areas of lending technology, asset & wealth management technology, travel technology in India; besides having grown its international expanse to Europe, Middle East, Africa and ASEAN countries.
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
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: CONTACT: Darren Joseph or Gautam Sharma 678-281-2027 or [email protected] David Collins or Chris Eddy Catalyst Global - 212-924-9800 or [email protected]
