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Ebix directors endorse second share buyback

Ebix’s board has approved another share buyback program worth $US100 million ($136.4 million), following one for the same amount announced last year.

The US software and e-commerce services provider has repurchased 4.3 million shares for about $US90 million ($122.8 million) under the previous plan.

“We are focused on continuing to use our strong cash-generation capabilities 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,” President and CEO Robin Raina said.

“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.”

Ebix reported net income of $US37.4 million ($51.01 million) for the half-year to June 30.