EbixCash Wins Long-term Contract for Automating and Digitizing the State of Andhra Pradesh’s Bus Ticketing and Fare Collection System
NOIDA, India, March 22, 2022 (GLOBE NEWSWIRE) — EbixCash Limited, a technology enabled provider of digital products and services in the B2C, B2B and financial technology arena, through an integrated business model, today announced that it has been awarded the order to design, develop, build, install, maintain and operate the Intelligent Transport Management System (ITMS) for a minimum of 14,950 buses in the state, run by Andhra Pradesh State Road Transport Corporation (APSRTC). The initial term of the contract will be 5 years from the Go-Live date, with EbixCash deploying the platform over the next few months.
EbixCash is a subsidiary of Ebix, Inc. (NASDAQ: EBIX), with a leadership positions in key businesses that it operates in, with a “phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asian countries as of December 31, 2021; with an Omni-channel online digital platform that offers its products and services encompassing domestic and international money remittance, foreign exchange (Forex), pre-paid gift cards, utility payments, travel services, and technologies across insurance, bus information systems, lending and wealth management in 75+ countries.
EbixCash’s Intelligent Transport Management System (ITMS) serves to automate all aspects of fare ticketing and collection including Electronic Ticketing Machines & the software. It provides upside to a bus corporation, in terms of plugging any revenue leakage, faster services to the end commuters, complete control over bus economics by route in real time, trackability and audit trail of transactions, streamlined MIS and real time data; besides endeavoring to optimize manpower usage across all the buses run by the Roadways Corporations.
Robin Raina, Chairman of the Board, EbixCash said, “We are excited to have won this project from a progressive large state like Andhra Pradesh. We intend to get the functionality operational over the next few months, while ensuring that the state gets a state-of-the-art high-tech solution to automate its bus transport ticketing and collection services. This implementation is another step in the direction of EbixCash converging financial solutions with technology solutions and implementing them in niche industries.”
On 8th January 2022, EbixCash announced that it has been awarded the order to design, develop, build, install, maintain, operate and transfer the Intelligent Transport Management System (ITMS) for all the state buses run by Calcutta State Transport Corporation (CSTC) and West Bengal Transport Corporation (WBSTC).
About EbixCash
With a “Phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021, to an Omni-channel online digital platform, the Company’s Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), pre-paid gift cards, utility payments, travel services and technologies for insurance, bus information systems, lending and wealth management across 75+ countries including India. EbixCash has Forex operations in approximately 16 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata. EbixCash is a leader in the international remittance business based on gross transactional value. EbixCash, through its travel portfolio (Via.com and EbixCash.com), is one of the leading travel exchanges based in India and catering to Southeast Asian markets, with over 517,000 agents and approximately 17,900 registered corporate clients. EbixCash’s financial technologies business offers software solutions to various clients in the areas of wealth, asset and lending management, insurance and bus information systems. 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.ebixcash.com
Disclaimer:
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. The DRHP is 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.
About Ebix, Inc.
With approximately 200 offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide on-demand software and e-commerce services to the insurance, financial services, travel, 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.
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
CONTACT:
Darren Joseph
678-281-2027 or [email protected]
David Collins, Chris Eddy
Catalyst Global – 212-924-9800 or [email protected]
