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EbixExchange pays off for software specialist

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Insurance software specialist Ebix Australia has mimicked its US parent with strong second-quarter results.

Atlanta-based Ebix reported total revenue of $US17.8 million ($19.58 million), compared to $US9.82 million ($10.8 million) for the second quarter of last year. Quarterly net profit increased 152% to $US6.34 million ($6.97 million).

Ebix Australia MD Leon d’Apice declined to disclose Australian results when contacted by insuranceNEWS.com.au last week, but says the Australian operations recorded strong growth during the period.

Mr d’Apice says the acquisition of EbixExchange (formerly Telstra eBusiness Services) in January was a significant contributor.

“Local performance is in line with expectations,” he said. “Importantly the company has established an improved software development framework for EbixExchange and is in the process of providing new e-commerce facilities – both of which were major goals.”