ATLANTA, June 21, 2013 (GLOBE NEWSWIRE) -- Ebix, Inc., (Nasdaq:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today announced its Board of Directors has approved a $100 million common stock repurchase program. 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 customary legal, contractual and regulatory considerations. Ebix intends to complete this new $100 million stock repurchase authorization within the next 24 months. The Company will fund the repurchases through cash on hand and future cash flow from operations. Ebix currently has approximately $35.5 million of cash on hand worldwide. During 2012, the Company generated free cash flow of $65.3 million, excluding the cash used to acquire businesses during the year. The decision to authorize this share repurchase program has been made as part of the Company's continuing evaluation of strategic options to enhance value for shareholders.
Ebix, Inc. Announces $100 Million Stock Repurchase
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