NOIDA, India and Johns Creek, Ga., Aug. 25, 2022 (GLOBE NEWSWIRE) -- EbixCash Private Limited, a subsidiary of 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 it has been awarded the prestigious order to design, develop, build, install, maintain, operate and transfer the Intelligent Transport Management System (ITMS) for all the state buses run by the South Bengal State Transport Corporation (SBSTC).
EbixCash will implement the end-to-end on-demand bus automation system across a minimum of 650 buses in the state. The initial term of the contract will be 7 years.
EbixCash’s Intelligent Transport Management System (ITMS) serves to automate all aspects of fare ticketing and collection including Electronic Ticketing Machines & the software. It provides tremendous upside to a bus corporation, in terms of plugging any revenue leakage, faster services to the end commuters, complete control over bus economics by route in real time, trackability and audit trail of transactions, streamlined MIS and real time data; besides endeavoring to optimize manpower usage across all the buses run by the two Corporations.
The end commuters can avoid queues and time wastage while being able to make payments on Smart Cards for their tickets inside and outside the bus.
Robin Raina, Chairman of the Board, EbixCash, said, “In January 2022, we had announced two 7 year contracts with the Calcutta State Transport Corporation (CSTC) and West Bengal Transport Corporation (WBSTC) for a minimum of 1,500 buses in the state. This new contract for 7 years with South Bengal State Transport Corporation (SBSTC) strengthens our presence further in the Eastern part of the country. This order is another step in the direction of EbixCash converging financial solutions with technology solutions and implementing them in niche industries.”
On 22nd March 2022, EbixCash announced that it has been awarded a 5-year contract to design, develop, build, install, maintain, operate and transfer the Intelligent Transport Management System (ITMS) for a minimum of 14,950 buses in the state of Andhra Pradesh, run by the Andhra Pradesh State Road Transport Corporation (APSRTC).
EbixCash’s Bus Exchange Division is India’s dominant leader in the area of Enterprise Bus E-commerce handling $1.7 Billion of annual transactions, across 30% of India’s bus ticketing system network with 14+ large state-owned public transport corporations as clients.
About EbixCash
EbixCash is a leader in domestic and international money remittance, foreign exchange (Forex), travel, pre-paid and gift cards, utility payments and software solutions for lending, wealth management, bus exchanges and insurance in India and other markets. EbixCash’s "Phygital” strategy combines over 320,000 physical distribution outlets in India and ASEAN countries with an Omni-channel online digital platform. EbixCash ’s Forex operations have a leadership position in India with operations in 20 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year (pre-COVID-19). EbixCash’s inward remittance business is the clear market leader in India, processing approximately $5 billion in gross annual remittance volume (pre-COVID-19). Through its travel portfolio of Via and Mercury, EbixCash is also one of Southeast Asia’s leading travel exchanges with over 200,000 agents, 25 branches and over 9,800 corporate clients, processing an estimated $2.5 billion in gross merchandise value per year (pre-COVID-19). For more information, visit the Company’s website at www.ebixcash.com
About Ebix, Inc.
With 150+ offices across 6 continents, Ebix, Inc. (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix develops and deploys a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.
The Company’s EbixCash Financial exchange subsidiary is a leader in domestic and international money remittance, foreign exchange (Forex), travel, pre-paid/gift cards, utility payments, software solutions for lending, wealth management, bus exchanges and insurance in India and other international markets. Ebix and its subsidiaries employ thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
CONTACT:
Darren Joseph
IR@ebix.com or +1 678 281 2027
David Collins or Chris Eddy
Catalyst Global + 1 212-924-9800 or ebix@catalyst-ir.com
