Ebix Purchases Two New Buildings in India, to Build an Office Campus Over 4000 Square Meters
ATLANTA, Aug. 27, 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 has signed an agreement to purchase two new buildings in India, to support its continued growth and associated increased need for offshore development and BPO resources. With this, Ebix (EBIX) will own 5 buildings in India, since it already owns three buildings in Noida, India.
The Company announced that this decision was made to allow Ebix to double its staff capacity in India over the next few years. The purchase of these two buildings will allow Ebix to have a large office campus over an area of 4000 square meters since four of these buildings are adjoining each other. Ebix presently employs in excess of 1100 employees in India, with its core development operations being awarded the coveted Level 5 Quality status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM).
All software development work undertaken in these two new buildings is likely to be 100% tax-exempt until the year 2017/2018, under the Software Export Zone (SEZ) Act of the Govt. of India, after which the Company is likely to be entitled to a 50% tax-free status in India until 2022/2023.
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 an 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.