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Business is booming at Ebix

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International insurance software and online exchange provider Ebix has reported a record third-quarter net profit of $US7.4 million ($11.2 million), 88% higher than last year’s result.

Revenue from Ebix and all subsidiaries climbed 71% to $US20.2 million ($30.6 million) during the quarter compared to $US11.8 million ($17.9 million) last year.

It’s been a stellar first nine months for Ebix with net profit for the period increasing 137% to $US19.4 million ($29.4 million).

Ebix CEO and President Robin Raina says the company has high recurring revenue split across thousands of customers, insulating the company from worldwide market turmoil.

Ebix Australia MD Leon d’Apice told insuranceNEWS.com.au the overall results reflect both a positive quarter and outlook for Australian operations.

The US-based company has attributed a 49% increase in third-quarter operating expenses to the cost of running its new acquisitions like the Telstra eBusiness platform Sunrise Exchange, which it bought last December.

Operating expenses rose to $US12.1 million ($18.3 million).