Ebix surges day after winning contract for India bus management system

Jan. 12, 2022 10:32 AM ETEbix, Inc. (EBIX)By: Chris Ciaccia, SA News Editor13 Comments

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  • Ebix (NASDAQ:EBIX) shares were surging on Wednesday, a day after the Atlanta-based software company announced it won a contract to handle the management system for buses in the Indian state of West Bengal.
  • EbixCash, a subsidiary of Ebix, will design, develop, build, install and maintain the management system for all state run buses, including Calcutta State Transport Corporation and West Bengal Transport Corporation.
  • Shortly before 10:30 a.m. EST, Ebix (EBIX) shares were up more than 12% to $34.95 on heavier than normal volume. Over the past year, Ebix shares have fallen more than 10%.
  • Robin Raina, Chairman of the Board, EbixCash said: “We are excited to have won this prestigious end-to-end ITMS project. West Bengal and Kolkata today have a thriving bus industry that is utilized by millions of people in the state."
  • The contract calls for the system to be implemented on a minimum of 1,500 buses in the state, with the term of the deal lasting severn years. EbixCash will start deploying the platform over the next three months.
  • The system automates fare ticketing and collection, letting customers avoid lines and wasting time, while making payments on smart cards.
  • In mid-November, Ebix (EBIX) declared its quarterly dividend, in-line with previous announcements.

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