EBIX, INC. (NASDAQ:EBIX) Files An 8-K Other Events
Item 8.01 Other Events.
On February 11, 2019, Ebix, Inc. (“Ebix” ), a Delaware corporation, announced that its EbixCash World Money Limited subsidiary in India has completed the acquisition of 74.84% controlling stake in India based Weizmann Forex Limited (BSE: WEIZFOREX). EbixCash has also made a 90-day time bound public offer to acquire the remaining 25.16% publicly-held Weizmann Forex shares for INR 528 ($7.54) per share, in adherence to SEBI rules, or approximately $21.12 million to public shareholders. The purchase valued 50% of Weizmann Forex at $65.94 million, net of $17.51 million of cash remaining in the business. Ebix funded the entire transaction in cash, using its existing bank line and internal cash reserves.
On February 11, 2019, the Company issued a press release announcing the details of this Agreement. A copy of this press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.
Item 9.01 Financial Statements and Exhibits.
Exhibits
EBIX INC Exhibit
EX-99.1 2 weizmannpressclosingrelease.htm EXHIBIT 99.1 Exhibit Exhibit 99.1EbixCash Completes Acquisition of 75% Shares of Weizmann Forex Limited (BSE:WEIZFOREX)JOHNS CREEK,…
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About EBIX, INC. (NASDAQ:EBIX)
Ebix, Inc. (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS). Ebix operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, and property and casualty (P&C) insurance. Ebix designs and deploys back-end systems for P&C insurance brokers across the world. Ebix also designs and deploys on-demand and back-end systems for P&C insurance companies. Ebix focus in RCS channel pertains to business process outsourcing services that include providing project management, time and material consulting to clients across the world, and claims adjudication/settlement services.