Ebix Targets to File 2020 10-K by April 20, 2021

JOHNS CREEK, Ga., March 08, 2021 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, today announced that the Company has retained KG Somani & Co. (“KGS”) as its 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 U.S. Securities and Exchange Commission as soon as reasonably practical and while it can not be certain of the exact timing, is targeting submission of this filing by April 20th, 2021.

Founded in 1966, KGS is a 3^rd generation PCAOB certified, premier accounting firms from India, with particular expertise in the financial and insurance sector, having served as statutory auditors to premier banks and insurance companies in India. With employees spread across India and the US, KGS has a rich public listed company experience with prestigious client names such as NHPC and Power Corporation of India. KGS is part of TGS Global, an accountancy network, that is spread across 32 countries, with specialization in accounting, audit, tax and business advisory services.

With a strong forensic accounting background, KGS financial audit expertise includes empanellments with Reserve Bank of India, Comptroller and Auditor General Office, Serious Fraud Investigation office, Chief Commissioner of Income Tax, Life Insurance Corporation of India, World Bank, and the Asian Development Bank.

With hundreds of man-years of audit experience, KGS partners have the financial experience of having audited large banks such as the 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 N.A., and Wells Fargo Bank amongst others. KGS has maintained an unblemished regulatory and audit record over the last five decades.

The Audit Committee of the Company's Board of Directors solicited proposals from a number of accounting firms and conducted an expeditious but extensive evaluation process in connection with the selection of the Company's independent auditor for the Company’s 2020 financial statements. Following this process, on March 5th, 2021 the Audit Committee appointed KGS to serve as the Company's independent auditor for 2020.