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Ebix Inc. Announces Intent To Repurchase $80 Million Of Shares Over The Next 12 Months

Courtesy of Benzinga.

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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 it intends to repurchase up to $80 million of shares over the next twelve months. Shares of common stock may be purchased under the program from time to time on the open market and in privately negotiated transactions, subject to banking covenants, and other customary legal, contractual and regulatory considerations.

The Company made the decision after reviewing the Company’s present cash reserves, its anticipated operating cash flows, its credit line and the Company’s prospective uses of cash for any working capital needs & acquisitions.

The Company also reported that it has repurchased 471,000 shares cumulatively since June 30, 2014, from the PlanetSoft shareholders and on the open market. The Company’s present diluted share count is now approximately 38.2 million shares.

Robin Raina, President and CEO, Ebix Inc., said, “We believe that approximately 23 million shares are held by a few investor groups who are either insiders or long-term holders, leaving approximately 15 million shares available as the float. As we intend to make share repurchases of approximately $80 million over the next twelve months, we want to assure investors that our repurchases will be done intelligently and opportunistically with the goal of creating optimal value for our shareholders.”

All share repurchases will continue to be done in accordance with Rule 10b-18 of the Securities Exchange Act of 1934 with respect to the timing, pricing, and volume of such transactions.

Posted-In: News Buybacks Press Releases

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