Ebix Inc. Announces New $100 Million Share Repurchase Plan

Ebix Inc. Announces New $100 Million Share Repurchase Plan
19.08.2015 01:00 am

Ebix Inc. Announces New $100 Million Share Repurchase Plan

 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 its Board of Directors has approved a new $100 million share repurchase plan. This new share repurchase plan is in addition to the previously authorized $100 million share repurchase plan which is nearing full utilization.

Since August 2014, the Company repurchased 4.3 million shares for approximately $90 million against the previously announced $100 million share repurchase plan. As a result of continued share repurchases during the third quarter, the Company's diluted share count is now approximately 34.35 million shares.

The Company and its Board of Directors made the decision to put in place another $100 million share repurchase program 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 and acquisitions.

Robin Raina, President and CEO, Ebix Inc., said, "We are pleased that we were able to exceed our goal of returning $80 million to shareholders through our share repurchase plan over the last 12 months. We are focused on continuing to use our strong cash generation capabilities in order to enhance shareholder value, and we intend to continue to be opportunistic in buying back our stock as we execute against our new share repurchase plan. In addition, our acquisition pipeline remains active and our expanded bank line gives us additional flexibility to execute on accretive acquisitions that are a good fit with Ebix's product strategy and market focus."

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. 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.

Related News

BlueVoyant Performance Demonstrates Strong, Global Demand for Cybersecurity Services

BlueVoyant, a global expert-driven cybersecurity services company, today... Read more »

Mitsubishi UFJ Financial Group (MUFG) Selects AxiomSL To Automate Daily Equity Position Monitoring And Reporting Globally

AxiomSL, the industry’s leading provider of risk and regulatory reporting solutions, today announced an agreement with Mitsubishi UFJ Financial Group (MUFG), a... Read more »

Computop and Eckoh Partner to Provide Retailers with Enhanced Security for Card-Not-Present Payments

Computop, a leading global payment processor, and Eckoh (AIM... Read more »

Reuters Events Whitepaper - Tax Credit Investments are ESG Investments

Featuring exclusive insights from Federated Hermes, BNP Paribas, Foss and Company, Patagonia, Wilmington Trust and Hunton Andrews Kurth

Examining the... Read more »

Financial Services Firms Are Being Attacked on All Fronts as Criminals Become Increasingly Adaptive and Sophisticated in Their Approach

It’s not just cyber technologies or digital currencies that are worrying financial crime teams in financial institutions across the UK & Ireland. It’s also the increasing... Read more »

Allianz Global Investors Selects thinkFolio Managed Service to Drive Global Fixed Income Platform Evolution

Allianz Global Investors, a leading active asset manager, has adopted IHS Markit's leading investment management platform, thinkFolio... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel