Ebix Expects Annualized EBITDA Run Rate of $100 Million After Acquisition Synergies
ATLANTA, June 5, 2012 (GLOBE NEWSWIRE) -- Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today announced that it expects to generate annualized run rate of approximately $100 million in EBITDA, after recent acquisition synergies have been completed. EBITDA, a non-GAAP term, is defined as net income before the impact of GAAP interest expense, tax expense and depreciation/amortization expenses.
In the last 2 months, Ebix (EBIX) has expanded its On-Demand product portfolio in the area of Life insurance, wealth management, annuities and Medical M-Learning with the acquisitions of PlanetSoft, Fintechnix and Taimma. Each of these acquisitions provides Ebix with added technology and functionality further facilitating the complete realization of end-to-end insurance computing and reaffirms Ebix's unique position as the Global leader in the insurance software industry.
"In the last investor call, I indicated our short term goal of reaching annualized revenue run rate of $200 million in 2012 and an aspirational goal of $500 million of revenue in five years. I am pleased to convey that we are now on the path to exceed the first goal of $200 million in annualized revenue run rate," Ebix President & CEO Robin Raina said. "Our ability to generate an annualized EBITDA run rate of approximately $100 million, is clearly a landmark event in the company's history. We are committed to using our free cash flow to grow Ebix through reinvestment in the core business and acquisitions as well as return capital to shareholders through stock repurchases and dividends."
About Ebix, Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance industry, Ebix, Inc., (Nasdaq: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.
With 30+ offices across Brazil, Singapore, Australia, the US, 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 a ISO 9001:2000 certification for both its development and BPO units in India. For more information, visit the Company's website at www.ebix.com
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Source: Ebix, Inc. 2012 GlobeNewswire, Inc.