Leading insurer to increase product exposure while providing insurance professionals with increased sales efficiency
ATLANTA, GA – July 23, 2009 – Ebix, Inc. (NASDAQ: EBIX) a leading provider of On-Demand software services to the insurance industry, today announced that Chairman, President and Chief Executive Officer, Robin Raina rang the opening bell at The NASDAQ Stock Market on Monday, July 20, 2009. He was accompanied by a number of senior Ebix executives from across the world and a few Ebix investors.
Welcoming Robin to the occasion, David Wicks, Vice President, NASDAQ MarketSite, said, “Although quite different as businesses, NASDAQ and EBIX share a strong commonality of vision. A relentless desire to innovate and improve on what is already great – to move life forward – that is the cornerstone of this vision.”
Wicks added, ”Robin Raina, I’d like to congratulate you and the entire EBIX team and wish you continued success. While Robin Raina is well-known for having led Ebix through the last decade of continuous growth, he is equally well known for his philanthropic side. He runs the Robin Raina Foundation, a charity initiative that has embarked on one of the largest private charity housing initiatives for the homeless in the world, by building 6000 homes for the slum dwellers of Delhi, India free of cost. In addition to this, his foundation runs multiple schools, institutes, and homes for the homeless children while providing education, meals and clothing to more than 3,500 children across the world. We salute Robin for his philanthropic work.“
In his opening remarks, Robin Raina said, “Ringing the opening bell at NASDAQ, one of the world’s most prestigious stock exchanges, is a great honor. For me, it is a celebration of the company’s journey since 1999 with the company reporting $19 million in losses that year, to now when the company has emerged as a benchmark in profitability margins and consistency in less than 10 years. Ebix has transformed itself from an insurance broker systems player to an end-to-end On Demand infrastructure services player that today powers in excess of $100 billion in premiums.”
Raina added, ”Having delivered 10 years of sequential growth in terms of revenues, earnings and net income with 40% net margins after taxes in the first quarter of 2009, our financial goal today is to grow our top line while creating new benchmarks in net margins. While, we are pleased with our progress over the years, we believe that we have a long way to go. Our business goal remains to become the largest insurance software services player in the world and we are committed to working towards that goal.”
Raina also added, “Lastly, let me take this opportunity to thank our employees, Board and shareholders who have helped us get to this point.”
The opening bell ceremony was broadcast live on the seven-story NASDAQ tower, the largest stationary video screen in the world. The opening bell ceremony was relayed live on a number of television networks including CNBC, Fox Business Network, and Bloomberg TV; as also on the NASDAQ MarketSite Live Web Cam.
About Ebix, Inc.
With 23 offices across Singapore, Australia, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 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). Ebix has also earned 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