EBIX, INC. (NASDAQ:EBIX) Files An 8-K Other Events
Item 8.01 Other Events.
On January 2, 2019, Ebix, Inc. (“Ebix” ), a Delaware corporation, announced that its EbixCash World Money Limited subsidiary in India has entered into an agreement to acquire a 74.84% controlling stake in India based Weizmann Forex Limited (BSE: WEIZFOREX). Weizmann Forex is the second largest inward remittance provider besides being one of the four largest Foreign exchange & outward remittance providers in India. The purchase values 50% of Weizmann Forex at $65.94 million, net of $17.51 million of cash remaining in the business. Ebix will be funding the entire transaction in cash, using its existing bank line and internal cash reserves. EbixCash has also made a 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.
On January 2, 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.
EBIX INC Exhibit
EX-99.1 2 weizmannpressrelease.htm EXHIBIT 99.1 Exhibit Exhibit 99.1EbixCash Acquires Weizmann Forex Limited (BSE:WEIZFOREX) and Strengthens Leadership Position in India’s Foreign Exchange and Remittance Markets 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.