Ebix aims to file 2020 10-K by April 20, 2021
JOHNS CREEK, Georgia, March 08, 2021 (GLOBE NEWSWIRE) – Ebix, Inc. (NASDAQ: EBIX), a leading global provider of on-demand software and e-commerce services to the insurance industries, finance, health and e-commerce. learning industries, today announced that the company has retained the services of KG Somani & Co. (“KGS”) as an independent registered public accounting firm to audit the company’s 2020 financial statements. The Company plans to work diligently with KGS to complete its annual filing with the United States Securities and Exchange Commission as soon as reasonably practicable and while it cannot be certain of the exact timeline, it aims to submit this filing. by April 20, 2021.
Founded in 1966, KGS is a 3rd PCAOB certified generation, leading accounting firms in India, with particular expertise in the financial and insurance sector, having served as an auditor with leading banks and insurance companies in India. With employees spread across India and the United States, KGS has a wealth of experience in publicly traded companies with prestigious clients such as NHPC and Power Corporation of India. KGS is part of TGS Global, an accounting network spanning 32 countries, specializing in accounting, auditing, tax and business advisory services.
With a strong background in forensic accounting, KGS’s financial audit expertise includes assignments with the Reserve Bank of India, the Office of the Comptroller and Auditor General, the Serious Fraud Investigation Office, the Chief Commissioner of income tax, Life Insurance Corporation of India, World Bank and Asian Development Bank. .
With hundreds of man-years of auditing experience, KGS partners have the financial experience of auditing large banks such as State Bank of India, Punjab National Bank, Allahabad Bank, Bank of Baroda, Bank of India, Indian Bank, Canara Bank, J&K Bank, State Bank of Hyderabad, CitiBank NA, and Wells Fargo Bank, among others. KGS has maintained an unblemished regulatory and audit record for the past five decades.
The Audit Committee of the Board of Directors of the Company solicited proposals from a number of accounting firms and conducted a rapid but thorough assessment process as part of the selection of the Company’s independent auditor. for the Company’s 2020 financial statements. As a result of this process, on March 5, 2021, the Audit Committee appointed KGS as the company’s independent auditor for 2020.
The decision of the Ebix audit committee was governed by a number of factors, including KGS’s financial expertise, its medico-legal background, the extensive experience of its partners in the finance and insurance industries. , its ability to immediately dedicate more than fifteen chartered accountants to the audit, the regulatory and accounting reputation of KGS. , and its experience with listed companies. The selection of KGS will also ensure a fresh look at the business of EbixCash payment solutions from an audit perspective.
Ebix also said it continues to explore the hiring of an international audit firm appointed to be its global consolidated auditors for 2021, while intending to retain KGS as the external auditor for the IPO of EbixCash in conjunction with a leading international audit firm.
The Company also announced that it has decided to continue with the services of KPMG for the assessment of business combinations and Ernst & Young for tax advice, tax provisioning and SOX internal services, for the year. 2020 and beyond.
On February 19, 2021, the Company said that its board of directors had already appointed a US-based consulting firm specializing in accounting investigations as well as an outside legal advisor to assess the payment solutions business. The Company is continuing this analysis in parallel with the appointment of the auditors. The Company continues to believe that its accounting conforms to the requirements of GAAP.
With a “Phygital” strategy that combines 320,000 physical distribution points in many Southeast Asian (“ASEAN”) countries with an omnichannel online digital platform, the company’s EbixCash Financial trading portfolio encompasses leadership in domestic and international money transfers, foreign exchange (Forex), travel, prepaid cards and gifts, utility payments, loans, wealth management, etc. in India and other markets. EbixCash Forex Trading has become a leader in foreign exchange trading at Indian airports with operations at 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, making over 4.8 billion dollars. dollars (before covid) in gross transaction value per year. EbixCash’s inbound money transfer business in India achieves approximately $ 6.5 billion (before covid) confirming its undisputed leadership position in India. EbixCash, through its Via and Mercury travel portfolio, is also one of Southeast Asia’s leading travel exchanges with more than 2,200 employees, more than 212,450 agent networks, 25 branches and more than 9,800 corporate clients; processing approximately $ 2.5 billion (before covid) in gross value of goods per year. EbixCash’s financial technology solutions are now deployed in prestigious financial institutions and banks in 44 countries. For more information, visit the Company’s website at www.ebixcash.com
With more than 50 offices on 6 continents, Ebix, Inc., (NASDAQ: EBIX) strives to provide on-demand software and e-commerce services to the insurance, finance, healthcare and online learning. In the insurance industry, Ebix’s primary goal is to develop and deploy a wide variety of on-demand insurance and reinsurance exchanges, while providing software-as-a business solutions. -Service (“SaaS”) in the field of CRM, front-end and back-end systems, outsourced administration and risk compliance services, anywhere in the world. For more information, visit the Company’s website at www.ebix.com
This press release contains certain statements that are “forward-looking” statements within the meaning of federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations and include all statements that are not historical statements of fact and those concerning intention, belief or expectations, including, without limitation, statements accompanied by words. such as “will”, “believes,” “anticipates”, “anticipates”, “expects”, “intends”, “believes”, “seeks”, “may” or other words, Similar phrases or expressions and variations or negatives of such words. Readers of this press release should understand that these statements are not guarantees of performance or results. Many risks and uncertainties could affect and make actual results. differ materially from expectations contained in forward-looking statements. Actual results could differ materially from those contemplated in forward-looking statements due to certain factors, including, but not limited to, those discussed in our annual report on Form 10-K and subsequent reports filed with the SEC, as well as the risk of litigation or regulatory action arising from RSM’s resignation, failure to timely file the annual report on Form 10-K for the fiscal year ended December 31, 2020 (the “Annual Report”); the timing of the review and the conclusions of the Company’s new independent auditor regarding these matters and its impact on the financial statements; possible default by the Company under its credit facility; the Company’s ability to remedy any material weaknesses in internal control over financial reporting; the potential damage to the reputation that the Company could suffer as a result of these problems; the impact of these issues on the value of the Company’s shares; and the risk that the filing of the annual report will take longer than expected. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements we make speak only as of the date of this report. Unless required by law, the Company does not undertake to publish any revision of these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unforeseen events.
[email protected] or +1 678 281 2027
David Collins or Chris Eddy
Catalyst Global + 1 212-924-9800 or [email protected]