JOHNS CREEK, Ga., Dec. 10, 2018 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, healthcare, financial and e-learning industries, today announced that its division EbixCash World Money, India’s leading Foreign Exchange service provider, has been awarded rights for providing Foreign Exchange services at Kannur International Airport in the state of Kerala, India. The EbixCash WorldMoney Forex services were inaugurated in the presence of India’s Civil Aviation Minister Mr. Suresh Prabhu, Chief Minister of Kerala Mr. Pinaryi Vijayan, Union Civil Aviation Minister of State, Mr. Jayant Sinha, Kerala Government Ministers, Mr. E.P. Jayarajan, Mr. E. Chandrasekharan, Airports Authority of India Chairman, Mr. Guruprasad Mohapatra, Managing Director, Kannur International Airport Limited, Mr. V. Thulasidas amongst other senior Central and State Government officials, industry leaders and other functionaries.
Spread across 2,000 acres, the Kannur Airport is the newest addition to India’s international airport portfolio. The airport is expected to serve more than one million passengers annually with passenger traffic estimated to increase five-fold by 2025. Kannur Airport is the second greenfield airport setup in the public private partnership (PPP) model in the civil aviation infrastructure sector in the state of Kerala.
EbixCash World Money will offer passengers flying in & out of the city, foreign exchange at competitive rates, along with a host of other products such as travelers Cheques, multi-currency prepaid cards and travel insurance.
Commenting on the launch, T C Guruprasad, Managing Director, EbixCash WorldMoney said, “Kannur is a fast-growing business and tourism destination with Wayanad and Coorg being in close proximity. Besides being the district headquarters, it offers a mix of beaches, forts and museums. A large number of international flights also offer direct connectivity from Middle East destinations such as Abu Dhabi, Sharjah, Muscat, Riyadh, Doha and Kuwait, making it a strategic location for us to offer our forex and travel services. We currently have 6 branches and 9 airport forex counters in the state of Kerala.”
The Kannur Airport Forex Services Contract marks another coveted win for EbixCash WorldMoney, the undisputed leader in India’s Foreign exchange and outward remittance markets. With a turnover of approximately Rs. 15,000 crores (approximately USD 1.8 Billion), EbixCash WorldMoney Forex Exchange has an approximate 70% market share of India’s airport Foreign Exchange business encompassing 25 international airports like Delhi, Mumbai, Bangalore, Chennai and Kolkata International airports, while conducting over 1 million transactions per annum. The EbixCash WorldMoney Exchange also has a 15% market share in India’s fast growing $1.5 Billion education outward remittance business.
About EbixCash World Money
EbixCash World Money (formerly CentrumDirect Ltd), has today grown to become one of the largest players in retail Foreign Exchange Services with a turnover of approximately Rs. 15,000 crores (approximately USD 1.8 Billion). EBIXCASH World Money’s mission of reaching its customers wherever they are, and its tagline” Think Forex, Think EbixCash World Money” is articulated through its’ network 25 airports, 95 branches in 59 cities including major airports and tourist destinations. It services a wide and growing customer base of corporates, business, leisure travelers and students. EbixCash World Money offers a wide range of services that include Foreign Exchange, Corporate & Leisure Travel, Insurance, Visa & E-business. The Company has many firsts to its credit, like introducing the first prepaid Forex card called the EbixCash World Money Travel card.
About Ebix, Inc.
With 50+ offices across 5 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, the Company’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 administrative and risk compliance, across the world.
With a "Phygital” strategy that combines 260,000 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, Forex, travel, pre-paid & gift cards, utility payments, lending etc., in an emerging country like India. The Company’s Forex Exchange has an approximate 70% market share of India’s airport Foreign Exchange business encompassing 25 international airports like Delhi, Mumbai, Bangalore, Chennai and Kolkata International airports, while conducting over 1 million transactions per annum. EbixCash, through its travel portal Via.com, is also one of Southeast Asia’s leading travel exchanges with over 110,000 distribution outlets and 8,000 corporate clients processing over 24.5 million transactions every year. For further details, visit www.ebixcash.com
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.
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