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CST: 16/10/2019 09:52:10   

EbixCash Signs Agreement to Transfer the Business Travel Contracts of Cox and Kings, to Its Mercury Corporate Travel Division

19 Days ago

NOIDA, India and JOHNS CREEK, Ga., Sept. 27, 2019 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries today announced that its EbixCash Indian subsidiary has signed an agreement with Cox and Kings to transfer its Business Travel agreements with corporates in India, to EbixCash’s corporate “Mercury” Travel Division. This announcement comes as a part of EbixCash’s initiative to aggressively grow its Corporate Travel business in India.

Each of the transferred corporate clients of Cox and Kings will now be serviced by EbixCash’s Mercury Division across the length and breadth of the country. Under the agreement some key core employees of Cox and Kings will also be transferred to the EbixCash payroll with immediate effect. This transfer agreement is part of EbixCash’s efforts to double its revenues as compared to the last year, from the corporate travel sector by the end of this Financial Year.

Naveen Kundu, Managing Director – Mercury Division of EbixCash said, “We are simply transferring the corporate agreements of Cox and Kings to ensure that the customers continue to be well serviced and looked after. Our vast experience, success record in the corporate travel business will be key in servicing the corporates and they shall benefit from our bouquet of travel and technology products.”

Naveen added, “All these corporates were already being serviced by Cox and Kings using EbixCash’s  technology platform Zillious. That further ensures a seamless experience for all the constituents involved in this transfer. I believe that the strength of our state-of-the-art technology, expanse of our Financial exchange, end-to-end enterprise travel functionality, focus on cross selling, along with strong sales leadership; positions us well to grow our travel and forex businesses in conjunction aggressively globally.”

EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year. The Company has also signed an agreement to acquire Yatra Online subject to regulatory and Yatra shareholder approvals. Once that acquisition is complete, EbixCash’s leadership in the corporate, B2B, luxury and MICE businesses would be unrivaled by any player in the Indian markets.

About Ebix, Inc.

With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.

With a "Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $6.5 billion gross annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year. For more information, visit the Company’s website at www.ebix.com 

CONTACT:

Darren Joseph
IR@ebix.com or 678 281 2027

David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com 

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