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Ebix up on acquisitions

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Global software group Ebix has lifted its full-year profits by 42% on rising revenue and bolt-on acquisitions to $US38.8 million ($42.4 million), though growth was more subdued in Australia.

The insurance software and e-commerce provider posted a 31% uplift in full-year net revenue of $US97.7 million ($106.6 million), largely off the back of newly acquired EZ Data and Peak. Ebix acquired Californian-based EZ Data in October last year for $US50.4 million ($55 million) and Peak the previous month for $US8 million ($8.7 million).

As a major supplier to the insurance industry, Ebix was largely unaffected by the global financial crisis. It finished 2009 with a flourish by posting increased revenues of 55% to $US31.3 million ($34.2 million) in the fourth quarter

Ebix Australia MD Leon d’Apice says local operations fared well in 2009, albeit “nowhere near the growth we have experienced globally”.

He told insuranceNEWS.com.au global growth has been fuelled by acquisitions, while Australia’s profit increases were organic.

“Last year should give us a strong platform for a series of initiatives we are planning this year,” he said.