Ebix

Ebix

Ebix

American multinational technology company

Not to be confused with EbIX.

Ebix, Inc., previously known as ebix.com, Inc.[2][3] and formerly Delphi Information Systems, Inc.,[4] is an American multinational technology company which focuses on e-commerce, cloud computing (SaaS), insurance,[5] finance, healthcare and e-learning. Co-founded by Ken Bitticks in Atlanta, Georgia in 1976,[6][7] it was traded on Nasdaq as EBIX.[8] The company's global headquarters is located in Johns Creek, Georgia, with offices in Australia, Brazil, Canada, India, New Zealand, Singapore and UK.[9]

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History

Ebix was co-founded as Delphi Information Systems, Inc. by Ken Bitticks in 1976 in Atlanta, Georgia, United States.[7] In 1983, it was reincorporated in Delaware.[10]

In October 1997, Robin Raina was appointed as the firm's new vice president for professional services.[11] He took over as president[12] and then as chief executive officer[13] in 1999. In May 1999, the firm announced the introduction of its first e-commerce portal, ebix.com.[14] Robin became the director in February 2000[15] and was later appointed as the chairman in 2002.[16] In 2003, he changed the company's name from ebix.com, Inc. to Ebix, Inc.[3] In 2013, Bloomberg reported that the U.S. federal government launched a probe against Raina after the disclosure of his proposed 820 million US dollars deal with Goldman Sachs to take the firm private.[17] In early 2015, it moved its headquarters to Johns Creek, Georgia.[18]

In May 2017, the firm acquired 80% stake in Indian digital payments firm ItzCash for 124 million dollars from Essel Group[19] and later rebranded it as EbixCash. In August 2017, the firm purchased BSE-listed Wall Street Finance Ltd's subsidiary Goldman Securities Ltd, along with its money transfer service scheme business, for $7.4 million.[20] In September 2017, Ebix agreed to acquired BSE-listed Paul Merchants Ltd's international remittance business for $40.7 million.[21] In November 2017, Ebix acquired Indian travel company Via.com for almost $75 million.[22][23]

On December 17, 2023, after defaulting on a $617 million loan, Ebix declared Chapter 11 bankruptcy.[24]

References

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    "Ebix(EBIX)". Forbes. Retrieved 2022-06-21.
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    "ebix.com Elects New Board". Insurance Journal. 2000-11-26. Retrieved 2022-01-02.
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    "Ebix Inc. - Insurance Software Development Software outsourcing company Custom application development services Offshore software development India". www.ebix.com. Retrieved 2022-01-06.
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    "Technology 10/99". roughnotes.com. Retrieved 2022-01-05.
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    "Digitizing the Insurance Industry - FOXBusiness.com". Fox Business. 2009-08-29. Archived from the original on 29 August 2009. Retrieved 2022-01-05.
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    Kids, Baby. "Dorothy the Organizer Team". dorothy.com. Archived from the original on 2022-01-05. Retrieved 2022-01-01.
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    "Ken Bitticks – Co-founder Digital Life Cloud | CareGiverSummit.org". Archived from the original on 2022-01-06. Retrieved 2022-01-06.
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    "Ebix, Inc. (EBIX) Stock Price, News, Quote & History - Yahoo Finance". finance.yahoo.com. Retrieved 2022-01-05.
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    "Insurance Software Solution | Insurance Software Development -Ebix". ebix.com. Retrieved 2022-01-06.
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    "EBIX, INC". www.sec.gov. Retrieved 2022-01-06.
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    "Robin Raina: Fintech's Master Blaster". Business Today Online Quiz. Retrieved 2022-01-06.
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    "Robin Raina Net Worth (2022) – wallmine.com". in.wallmine.com. Retrieved 2022-01-06.
  13. [13]
    Fehrenbach, Peter (2012-09-01). "How Robin Raina readied Ebix for a crisis, then made the needed tweaks to get through". Smart Business Magazine. Retrieved 2022-01-06.
  14. [14]
    "REPEAT/ Delphi Information Systems Announces E-Commerce Website Allowing Consumers to Compare and Buy Insurance Online". IndexArticles. 2021-06-30. Retrieved 2022-01-07.
  15. [15]
    "UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1)". www.sec.gov. Retrieved 2022-01-06.
  16. [16]
    "Ebix names Robin Raina chairman". www.bizjournals.com. Retrieved 2022-01-06.
  17. [17]
    "Ebix's Raina Loses Magic Touch As U.S. Probes Accounting". www.bloomberg.com. 2013-06-20. Archived from the original on 2015-02-26. Retrieved 2022-01-06.
  18. [18]
    Seward, Christopher (20 August 2014). "Ebix moving headquarters to Johns Creek". The Atlanta Journal-Constitution. ISSN 1539-7459. Retrieved 9 February 2022.
  19. [19]
    Dhanjal, Swaraj Singh (2017-05-24). "Ebix acquires 80% stake in ItzCash for Rs800 crore". mint. Retrieved 2022-01-06.
  20. [20]
    "ItzCash parent Ebix buys Wall Street Finance's arm, remittance business". VCCircle. 2017-08-17. Retrieved 2022-01-06.
  21. [21]
    "ItzCash parent Ebix acquires Paul Merchants' remittance biz". VCCircle. 2017-09-21. Retrieved 2022-01-06.
  22. [22]
    "ItzCash parent Ebix acquires Sequoia-backed hybrid OTA Via.com". VCCircle. 2017-10-31. Retrieved 2022-01-06.
  23. [23]
    Bhakta, Pratik; Gooptu, Biswarup. "EbixCash acquires online travel portal Via.com for $75 million". The Economic Times. Retrieved 2022-01-06.
  24. [24]
    "Short seller Ebix files for Chapter 11 bankruptcy". Bloomberg. December 17, 2023. Retrieved December 18, 2023.
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