Ebix Intends To Buy Back $80 Mln Shares Over Next 12 Months - Quick Facts

(RTTNews) - Ebix, Inc. (EBIX), a supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, announced Monday that it intends to repurchase up to $80 million of shares over the next twelve months.

The company made the decision after reviewing its present cash reserves, anticipated operating cash flows, credit line and its 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, 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."