DOHA, Qatar, April 8, 2013 (GLOBE NEWSWIRE) -- The Qatar Financial Centre Authority ("QFCA") today announced that it has reached an agreement to sell Qatarlyst, an electronic trading exchange for the global insurance and reinsurance industry, to Ebix Singapore Pte Limited, a subsidiary of Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry.
The QFCA believes that Qatarlyst's divestment to Ebix, Inc. is the best option to leverage Qatarlyst's capabilities, develop the business and secure wider market acceptance. Ebix will be rebranding the service as a part of its EbixExchange platform worldwide.
Qatarlyst was established in November 2008 to provide the next generation web-based technology solution for brokers and insurance firms to negotiate, place and accept large commercial risks electronically. Qatarlyst has made considerable progress in winning the insurance market's acceptance with its value added web-based services and has emerged as a major innovator in the industry.
Ebix's expertise in the insurance industry coupled with its commitment to open architecture and standards is expected to provide an even higher level of quality of services to Qatarlyst's customer base. It expands Qatarlyst's international reach and also offers access to Ebix's insurance focused staff of approximately 2,000 employees. Ebix's commitment to the London market modernization program, its existing relationships with top brokers and insurance companies around the world and its existing exchange presence in London, allows it the ability to be the e-platform of choice to power paperless transactions for the commercial insurance and reinsurance industry. Both Qatarlyst and Ebix intend to work to ensure a seamless transition of the business.
Khalid Al-Mughesib, the Deputy/Acting CEO of Qatarlyst, said, "We are delighted to announce the deal today with Ebix, Inc. With its leading market position, broad geographic reach and relevant experience, Ebix, Inc. is the ideal partner. This is a good outcome and on terms which reflect our investment over the last few years."
Robin Raina, Chairman of the Board, President and Chief Executive Officer of Ebix, Inc, said, "This is a strategic acquisition for us as it places Ebix in a position to power the electronic trading platform for the insurance industry in the UK and Middle East, while providing services on a utilities basis."
"Qatarlyst serves over 330 members and facilitates transactions between over 290 different entities drawn from many of the world's largest and most successful blue chip insurance companies and markets in London, continental Europe and Bermuda such as Aon, Lloyd's, Swiss Re, and Munich Re," Robin added. "We are looking forward to working with all the key constituents in London, towards ensuring a market-wide use of this trading exchange through all means including the possibility of a broad based industry driven initiative like Placing Platform Limited."
Speaking on behalf of the Qatar Financial Centre Authority, Shashank Srivastava, CEO and Board Member, said: "This is a positive outcome for all parties. The QFCA is pleased to have played such a significant role in the development of Qatarlyst to this stage. Qatarlyst has found a strong new home in which it can further develop and spread its pioneering technology and services, and so contribute to the growth of the worldwide reinsurance market. This is a market with which the QFCA will continue to be fully engaged as it seeks to develop a vibrant reinsurance market in Qatar, serving both the local and international markets."
Ebix disclosed that it funded this transaction completely in cash using its existing cash reserves. No Ebix shares were issued and no investment bankers were involved in the transaction on the Ebix side. Ebix considers the size of the acquisition immaterial at present and thus did not disclose the financial details of the transaction.
Enquiries:
Qatar Financial Centre Authority
Yusuf Jehangir, Head of Marketing and Corporate Communications
Qatar Financial Centre Authority
Tel: +974 4496 7784 or y.jehangir@qfc.com.qa
Visit our Twitter: https://twitter.com/QFCAuthority
CitigateDeweRogerson, Public Relations advisers to QFCA / Qatarlyst
Doha
Michael Prest, Tel: +974 4452 8335 Mobile: +974 3373 5083 or michael.prest@citigatedr.com
London
Toby Mountford, Tel: +44 (0) 207 638 9571 Mobile: + 44 (0) 7710 356611
Ebix contacts
Steven Barlow, IR, 678-281-2043 or steve.barlow@ebix.com
Aaron Tikkoo, IR, 678 -281-2027 or atikkoo@ebix.com
Jeff Ward, VP – Ebix Europe, +44 (0) 207-264 -0440 or jeff.ward@ebix.com
About QFC
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations, in particular those operating in the reinsurance, captive insurance and asset management sectors, and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No. (7) and has been open for business since 1 May 2005.
QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for leading the expansion of Qatar's financial services sector, providing a uniquely sustainable platform for regional growth in reinsurance, captive insurance and asset management.
For more information on the QFC Authority please visit www.qfc.com.qa
About Qatarlyst
Qatarlyst is a trading service for the global insurance and reinsurance industry. It provides buyers, brokers and carriers with a complete set of screens, processes and workflow to support quotation, signing and endorsements for all types and classes of commercial insurance and facultative and treaty reinsurance business.
Qatarlyst is web-based so it can be accessed via a web browser from anywhere in the world, making it both cost-effective and ideal for multi-national transactions. With proven, reliable and scalable on screen functionality, Qatarlyst gives users the ability to work remotely or link directly with in-house systems providing the flexibility of the web with the stability of internal systems and architectures.
Before this sale to Ebix, Qatarlyst was funded by the Qatar Financial Centre Authority (QFC Authority) and has been created from the recognition and with the firm belief that many of the issues within the insurance and reinsurance community can be addressed through the intelligent use of sophisticated yet accessible technology.
Qatarlyst has two main offices. The head office in Doha, Qatar serves its regional customers and the office in London, UK serves the global markets.
About Ebix, Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance industry, Ebix, Inc., (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.
For the full fiscal year of 2012, the company reported revenue of $199.4 million, and net Income of $70.6 million.
With 30+ offices across Brazil, Singapore, Australia, the U.S., New Zealand, India 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 to provide products, support and consultancy to thousands of customers on six continents. Ebix's focus on quality has enabled it to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM). With a recent ISO 27001-security certification, the Company also has an ISO 9001:27001 certification for both its development and BPO units in India.
For more information, visit the Company's website at www.ebix.com.