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Ebix up on strong quarter

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Surging growth in exchanges and broker systems has carried US-based software provider Ebix to full-year net income of $US71.4 million ($67.77 million), up 21% on the previous year.

While the company’s business process outsourcing and carrier system channels went backwards in 2011, with revenues falling by 4% and 37% respectively, the group’s flagship exchange channels saw revenues increase by 39% to $US130.64 million ($124 million).

Revenues from Ebix’s broker systems grew 30% to $US18 million ($17.08 million), after rising 19% in 2010 and 87% in 2009. Broker systems are now the group’s second-largest division, having overtaken the business process outsourcing division last year.

Full-year revenue was up 28% on the previous year to $US169 million ($160.42 million), rising 26% in the fourth quarter to $US44.05 million ($41.81 million).

CEO Robin Raina says Ebix has chosen to focus on services targeting single on-demand platforms, launching new exchanges and platforms and a new mobile utility.

Ebix Australia MD Leon d’Apice told the company’s local results were “strong without being spectacular”.

He says 2011 was “largely about making an investment in mainstream products”.

“For us the key thing to come out of the results in general was that we set some targets from 18 months ago and those targets were based on achieving things in certain markets,” he said. “We’re starting to see the impacts of that.”

Almost all of Ebix Australia’s business is in exchanges and broker systems.