Ebix, Inc. (NASDAQ: EBIX) said that it intends to repurchase up to USD80m of shares over the next 12 months.
Shares of common stock may be purchased under the program from time to time on the open market and in privately negotiated transactions, subject to banking covenants, and other customary legal, contractual and regulatory considerations.
The company made the decision after reviewing the company´s present cash reserves, its anticipated operating cash flows, its credit line and the company´s prospective uses of cash for any working capital needs and acquisitions.
The company also reported that it has repurchased 471,000 shares cumulatively since June 30, 2014, from the PlanetSoft shareholders and on the open market. The company´s present diluted share count is now approximately 38.2m shares.
An international supplier of on-demand software and ecommerce services to the insurance industry, Ebix provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and risk compliance solutions to custom software development for all entities involved in the insurance industry. For more information, visit the company´s website at www.ebix.com