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Ebix posts more solid results

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US-based software provider Ebix’s first-quarter revenue this year is $US43.8 million ($43.5 million), up 9% from the first quarter last year, due to targeted infrastructure investments.

CEO Robin Raina says that in the past year the company has invested in sales, marketing and developing new channels of business.

“While we remain focused as always on recurring revenue streams, what has changed is that we are now targeting much larger-size deals,” he said.

Net income increased 3% to $US15.7 million ($15.6 million).

The exchange division continues to be Ebix’s largest, increasing revenue 12% to $US34.6 million ($34.4 million) and accounting for 79% of revenue.

The broker systems division increased revenue 24% to $US4.8 million ($4.77 million), while carrier systems revenue fell 44% to $US856,000 ($851,000).

Mr Raina says Ebix plans to make some accretive acquisitions soon.

Ebix Australia MD Leon d’Apice told insuranceNEWS.com.au the Australian result was “similarly solid, reflecting a number of initiatives that were launched in 2011”.

“New iClose e-commerce facilities, our SmartOffice CRM application and the next generation of our broking systems have been well received,” he said.