Ebix Targets to File 2020 10-K by April 20, 2021 - Seite 2

The Ebix audit committee’s decision was governed by a number of factors including KGS’s financial expertise, its forensic background, depth of partner experience in the finance and insurance industries, its ability to dedicate over fifteen certified accountants to the audit immediately, KGS’s regulatory and accounting reputation, and its listed company experience. KGS selection will also ensure a fresh look at the EbixCash payment solutions business from an audit perspective.

Ebix also said that it is continuing to explore the engagement of a international named audit firm to be its consolidated worldwide auditors for 2021, while it intends to retain KGS as a statutory auditor for the EbixCash IPO jointly with a top-tier international audit firm.

The Company also announced that it has decided to continue with the services of KPMG for business combination valuation, and Ernst & Young for tax advice, tax provisioning and internal SOX services, for the year 2020 and beyond.

On Feb.19, 2021 the Company declared that its Board has already appointed a US based consulting firm specializing in accounting investigations along with outside legal counsel to evaluate the payment solutions business. The Company is continuing with that analysis along with the auditor appointment. The Company continues to believe that its accounting is consistent with GAAP requirements.

About Ebix

With a "Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion (pre-covid) in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $6.5 billion (pre-covid) gross annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion (pre-covid) in gross merchandise value per year. EbixCash’s Financial Technology solutions are today deployed across prestigious financial institutions and Banks in 44 countries. For more information, visit the Company’s website at www.ebixcash.com