Ebix

Last updated
Ebix, Inc.
FormerlyDelphi Information Systems, Inc. (1976–1999)
ebix.com, Inc. (1999–2003)
Company type Public
OTC Pink: EBIXQ
Nasdaq: EBIX (prior to 2024)
Founded1976;48 years ago (1976) in Atlanta, Georgia, United States
FounderKen Bitticks (co-founder)
Headquarters
1 Ebix Way, Johns Creek, Georgia 30097
,
United States
Area served
Worldwide
Key people
 Robin Raina (chairman, CEO and president)
Number of employees
9,802 [1]
Subsidiaries
Ebix Smartclass Educational Services

EbixCash

Website Official website

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]

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] In 2024, it was acquired by an India-based company, Eraaya Lifespaces. [25]

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References

  1. ↑ "Ebix(EBIX)". Forbes . Retrieved 2022-06-21.
  2. ↑ "ebix.com Elects New Board". Insurance Journal. 2000-11-26. Retrieved 2022-01-02.
  3. 1 2 "Ebix Inc. - Insurance Software Development Software outsourcing company Custom application development services Offshore software development India". www.ebix.com. Retrieved 2022-01-06.
  4. ↑ "Technology 10/99". roughnotes.com. Retrieved 2022-01-05.
  5. ↑ "Digitizing the Insurance Industry – FOXBusiness.com". Fox Business . 2009-08-29. Archived from the original on 29 August 2009. Retrieved 2022-01-05.
  6. ↑ Kids, Baby. "Dorothy the Organizer Team". dorothy.com. Archived from the original on 2022-01-05. Retrieved 2022-01-01.
  7. 1 2 "Ken Bitticks – Co-founder Digital Life Cloud | CareGiverSummit.org". Archived from the original on 2022-01-06. Retrieved 2022-01-06.
  8. ↑ "Ebix, Inc. (EBIX) Stock Price, News, Quote & History – Yahoo Finance". finance.yahoo.com. Retrieved 2022-01-05.
  9. ↑ "Insurance Software Solution | Insurance Software Development -Ebix". ebix.com. Retrieved 2022-01-06.
  10. ↑ "EBIX, INC". www.sec.gov. Retrieved 2022-01-06.
  11. ↑ "Robin Raina: Fintech's Master Blaster". Business Today Online Quiz. Retrieved 2022-01-06.
  12. ↑ "Robin Raina Net Worth (2022) – wallmine.com". in.wallmine.com. Retrieved 2022-01-06.
  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. ↑ "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. ↑ "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. ↑ "Ebix names Robin Raina chairman". www.bizjournals.com. Retrieved 2022-01-06.
  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. ↑ Seward, Christopher (20 August 2014). "Ebix moving headquarters to Johns Creek". The Atlanta Journal-Constitution. ISSN   1539-7459 . Retrieved 9 February 2022.
  19. ↑ Dhanjal, Swaraj Singh (2017-05-24). "Ebix acquires 80% stake in ItzCash for Rs800 crore". mint. Retrieved 2022-01-06.
  20. ↑ "ItzCash parent Ebix buys Wall Street Finance's arm, remittance business". VCCircle. 2017-08-17. Retrieved 2022-01-06.
  21. ↑ "ItzCash parent Ebix acquires Paul Merchants' remittance biz". VCCircle. 2017-09-21. Retrieved 2022-01-06.
  22. ↑ "ItzCash parent Ebix acquires Sequoia-backed hybrid OTA Via.com". VCCircle. 2017-10-31. Retrieved 2022-01-06.
  23. ↑ Bhakta, Pratik; Gooptu, Biswarup. "EbixCash acquires online travel portal Via.com for $75 million". The Economic Times. Retrieved 2022-01-06.
  24. ↑ "Short seller Ebix files for Chapter 11 bankruptcy". Bloomberg. December 17, 2023. Retrieved December 18, 2023.
  25. ↑ Das, Koustav. "Ebix becomes debt-free after acquisition by Eraaya LifeSpaces". India today. India Today. Retrieved 8 September 2024.
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