ATLANTA, GA – June 28, 2016 – Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, today announced that Ebix along with its consortium partner Educomp, has been selected to set up Smart Class rooms in the historical city of Udaipur in Rajasthan, India. The project will be implemented by Ebix’s newly formed joint venture subsidiary with Educomp Solutions Limited to address the e-Learning sector in India.
The project involves deploying digital classroom technology in Government schools in the walled city of Udaipur. The decision to select Ebix, along with its consortium partner Educomp was made by the Government owned public sector unit - Udaipur Smart City Limited (USCL).
USCL has been working towards the Development of “Smart City Udaipur” since its inception. USCL is striving to enhance the learning outcomes of school children using diverse digital techniques. One of the techniques is to empower teachers by training them to use multimedia content and interactive techniques. By having the right mix of conventional blackboard based teaching along with interactive 2D/3D multimedia videos, animation and digital courseware, USCL aims to impart standardized high quality e-learning to school students in the city.
Smart Cities Mission is a core urban renewal and retrofitting program by the Government of India with a mission to develop 100 smart cities all over the country. The Union Ministry of Urban Development is responsible for implementing the mission in collaboration with the state governments of each of these cities. The Government of India under the leadership of Prime Minister Narendra Modi has earmarked a total budget of $7 billion towards the vision of developing 100 smart cities, that would be equipped with smart solutions in many areas like education, e-governance, public transport, IT connectivity, and citizen participation.
Ebix Chairman, President and CEO Robin Raina said, “This is an exciting win for the Company, as it puts a stamp of approval on our ability to meet the needs of the Government schools in India. It establishes us as a serious contender for all smart e-learning initiatives of the Government of India, across the length and breadth of the country. Imparting standardized high quality education is an important goal of the present Indian administration and our e-learning subsidiary is focused on being a participant in that initiative, aided by the vast library of 25,000 plus e-learning courses that it has access to through its partnership with Educomp.”
A leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, Ebix, Inc., (NASDAQ: EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and risk compliance solutions to custom software development for all entities involved in the insurance industry.
With 40+ offices across Brazil, Singapore, Australia, the US, UK, 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. For more information, visit the Company’s website at www.ebix.com
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 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.
Except as expressly required by the federal securities laws, the Company undertakes no obligation to update any such factors, or to publicly announce the results of, or changes to any of the forward-looking statements contained herein to reflect future events, developments, changed circumstances, or for any other reason.
Readers should carefully review the disclosures and the risk factors described in the documents we file from time to time with the SEC, including future reports on Forms 10-Q and 8-K, and any amendments thereto.