##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 Commission file number 0-15946
 Ebix, Inc.
  DELAWARE
(State or other jurisdiction of incorporation or 
organization)
    
    77-0021975
(I.R.S. Employer Identification No.)5 CONCOURSE PARKWAY, SUITE 3200
ATLANTA, GEORGIA
(Address of principal executive offices)
    
    30328
(Zip Code)
 678-281-2020
 þ o
 o o þ
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 Yes o No þ




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##### 



INDEX
 PART I  FINANCIAL INFORMATIONItem 1. Consolidated Financial StatementsCondensed Consolidated Statements of Income for the Three Months ended March 31, 2010 and 2009
    
    
    2Condensed Consolidated Balance Sheets at March 31, 2010 and December 31, 2009
    
    
    3Condensed Consolidated Statement of Stockholders Equity and Comprehensive Income for the
three months ended March 31, 2010
    
    
    4Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2010 and
2009
    
    
    5Condensed Notes to Consolidated Financial Statements
    
    
    6Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    13Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    21Item 4. Controls and Procedures
    
    
    22PART II  OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    22Item 1A. Risk Factors
    
    
    22Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    22Item 3. Defaults upon Senior Securities
    
    
    22Item 4. Submission of Matters to a Vote of Security Holders
    
    
    22Item 5. Other Information
    
    
    23Item 6. Exhibits
    
    
    23SIGNATURES
    
    
    24EXHIBIT INDEX
    
    
    25Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2




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##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 Item 1:
    
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 Ebix, Inc. and Subsidiaries
 
 Condensed Consolidated Statements of Income
 
 Three Months Ended March 31,2010
    
    
    2009Operating Revenue:
    
    $
    31,603
    
    
    $
    20,668Operating expenses:Costs of services provided
    
    
    7,063
    
    
    
    4,085Product development
    
    
    3,363
    
    
    
    2,505Sales and marketing
    
    
    1,326
    
    
    
    1,134General and administrative
    
    
    5,659
    
    
    
    3,843Amortization and depreciation
    
    
    1,433
    
    
    
    744Total operating expenses
    
    
    18,844
    
    
    
    12,311Operating income
    
    
    12,759
    
    
    
    8,357Interest income
    
    
    88
    
    
    
    52Interest expense
    
    
    (268
    )
    
    
    (284
    )Other non-operating income
    
    
    317
    
    
    
    Foreign exchange gain
    
    
    103
    
    
    
    406Income before income taxes
    
    
    12,999
    
    
    
    8,531Income tax provision
    
    
    (615
    )
    
    
    (196
    )Net income
    
    $
    12,384
    
    
    $
    8,335Basic earnings per common share
    
    $
    0.36
    
    
    $
    0.28Diluted earnings per common share
    
    $
    0.32
    
    
    $
    0.23Basic weighted average shares outstanding
    
    
    34,747
    
    
    
    29,781Diluted weighted average shares outstanding
    
    
    39,335
    
    
    
    37,092
   2




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##### Table of Contents



Ebix, Inc. and Subsidiaries
 
 Condensed Consolidated Balance Sheets
  March 31,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    20,418
    
    
    $
    19,227Short-term investments
    
    
    2,732
    
    
    
    1,799Trade accounts receivable, less allowances of $508 and $565, respectively
    
    
    26,025
    
    
    
    22,861Other current assets
    
    
    4,258
    
    
    
    2,628Total current assets
    
    
    53,433
    
    
    
    46,515Property and equipment, net
    
    
    7,757
    
    
    
    7,865Goodwill
    
    
    160,455
    
    
    
    157,245Intangibles, net
    
    
    20,641
    
    
    
    20,505Indefinite-lived intangibles
    
    
    29,293
    
    
    
    29,223Other assets
    
    
    836
    
    
    
    814Total assets
    
    $
    272,415
    
    
    $
    262,167LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable and accrued liabilities
    
    $
    5,985
    
    
    $
    11,060Accrued payroll and related benefits
    
    
    4,100
    
    
    
    3,634Short term debt
    
    
    5,000
    
    
    
    23,100Convertible debt, net of discount of $601 and $706, respectively
    
    
    24,399
    
    
    
    28,681Current portion of long term debt and capital lease obligations
    
    
    524
    
    
    
    596Deferred revenue
    
    
    8,691
    
    
    
    7,754Other current liabilities
    
    
    276
    
    
    
    272Total current liabilities
    
    
    48,975
    
    
    
    75,097Revolving line of credit
    
    
    15,600
    
    
    
    Long term debt and capital lease obligations, less current portion
    
    
    4,128
    
    
    
    671Other liabilities
    
    
    2,966
    
    
    
    2,965Deferred tax liability, net
    
    
    4,729
    
    
    
    5,147Put option liability
    
    
    6,541
    
    
    
    6,596Deferred revenue
    
    
    137
    
    
    
    269Deferred rent
    
    
    702
    
    
    
    679Total liabilities
    
    
    83,676
    
    
    
    91,424Commitments and Contingencies, Note 6Stockholders equity:Preferred stock, $.10 par value, 500,000 shares authorized, no shares
issued and outstanding at March 31, 2010 and December 31, 2009
    
    
    
    
    
    
    Common stock, $.10 par value, 60,000,000 shares authorized, 35,045,192
issued and 35,004,683 outstanding at March 31, 2010 and 34,474,608
issued and 34,434,099 outstanding at December 31, 2009
    
    
    3,500
    
    
    
    3,443Additional paid-in capital
    
    
    162,393
    
    
    
    158,404Treasury stock (40,509 shares as of March 31, 2010 and December 31, 2009)
    
    
    (76
    )
    
    
    (76
    )Retained earnings
    
    
    21,007
    
    
    
    8,623Accumulated other comprehensive income
    
    
    1,813
    
    
    
    349Total stockholders equity
    
    
    188,637
    
    
    
    170,743Total liabilities and stockholders equity
    
    $
    272,415
    
    
    $
    262,167
   3




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##### Table of Contents



Ebix, Inc. and Subsidiaries
 
 Condensed Consolidated Statements  of Stockholders Equity and Comprehensive Income
 
 AccumulatedCommon Stock



    
    
    
    
    
    
    
    
    
    
    
    
    
    
    OtherTreasury
    
    
    
    
    
    
    Additional
    
    
    
    
    
    
    ComprehensiveIssued
    
    
    
    
    
    
    Stock
    
    
    Treasury
    
    
    Paid-in
    
    
    Retained
    
    
    (Loss)
    
    
    
    
    
    
    ComprehensiveShares
    
    
    Amount
    
    
    Shares
    
    
    Stock
    
    
    Capital
    
    
    Earnings
    
    
    Income
    
    
    Total
    
    
    IncomeBalance, December 31, 2009
    
    
    34,474,608
    
    
    $
    3,443
    
    
    
    (40,509
    )
    
    $
    (76
    )
    
    $
    158,404
    
    
    $
    8,623
    
    
    $
    349
    
    
    $
    170,743Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,384
    
    
    
    
    
    
    $
    12,384
    
    
    $
    12,384Cumulative translation
adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,464
    
    
    
    1,464
    
    
    
    1,464Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    13,848Repurchase of common stock
    
    
    (69,070
    )
    
    
    (7
    )
    
    
    
    
    
    
    
    
    
    
    (995
    )
    
    
    
    
    
    
    
    
    
    
    (1,002
    )Vesting of restricted stock
    
    
    128,272
    
    
    
    13
    
    
    
    
    
    
    
    
    
    
    
    (13
    )
    
    
    
    
    
    
    
    
    
    
    Conversion of principal
and interest on
Convertible promissory
notes
    
    
    476,662
    
    
    
    47
    
    
    
    
    
    
    
    
    
    
    
    4,400
    
    
    
    
    
    
    
    
    
    
    
    4,447Exercise of stock options
    
    
    34,720
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    172
    
    
    
    
    
    
    
    
    
    
    
    176Deferred compensation and
amortization related to
options and restricted
stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    425
    
    
    
    
    
    
    
    
    
    
    
    425Balance, March 31, 2010
    
    
    35,045,192
    
    
    $
    3,500
    
    
    
    (40,509
    )
    
    $
    (76
    )
    
    $
    162,393
    
    
    $
    21,007
    
    
    $
    1,813
    
    
    $
    188,637
   4




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Ebix, Inc. and Subsidiaries
 
 Condensed Consolidated Statements of Cash Flows
 
 Three Months Ended March 31,2010
    
    
    2009Cash flows from operating activities:Net income
    
    $
    12,384
    
    
    $
    8,335Adjustments to reconcile net income to net cash provided
by operating activities:Depreciation and amortization
    
    
    1,432
    
    
    
    743Stock-based compensation
    
    
    110
    
    
    
    52Restricted stock compensation
    
    
    315
    
    
    
    191Debt discount amortization on convertible debt
    
    
    105
    
    
    
    Unrealized foreign exchange (gain)loss on forward contracts
    
    
    (849
    )
    
    
    Unrealized foreign exchange (gain)loss
    
    
    568
    
    
    
    Gain on sale of building
    
    
    (262
    )
    
    
    Gain on put option
    
    
    (55
    )
    
    
    Changes in assets and liabilities:Accounts receivable
    
    
    (2,457
    )
    
    
    (2,356
    )Other assets
    
    
    (461
    )
    
    
    (72
    )Accounts payable and accrued expenses
    
    
    (3,632
    )
    
    
    244Accrued payroll and related benefits
    
    
    332
    
    
    
    672Deferred revenue
    
    
    705
    
    
    
    773Deferred rent
    
    
    23
    
    
    
    (36
    )Deferred taxes
    
    
    (495
    )
    
    
    (766
    )Other current liabilities
    
    
    (1
    )
    
    
    36Net cash provided by operating activities
    
    
    7,762
    
    
    
    7,816Cash flows from investing activities:Acquisition of MCN, net of cash acquired
    
    
    (2,828
    )
    
    
    Investment in ConfirmNet
    
    
    (2,975
    )
    
    
    (3,094
    )Investment in IDS
    
    
    
    
    
    
    (1,000
    )(Purchases)maturities of marketable securities, net
    
    
    (933
    )
    
    
    1,059Capital expenditures
    
    
    (343
    )
    
    
    (727
    )Net cash used in investing activities
    
    
    (7,079
    )
    
    
    (3,762
    )Cash flows from financing activities:Repayments on line of credit
    
    
    (7,500
    )
    
    
    Proceeds from term loan
    
    
    10,000
    
    
    
    Principal payments of term loan obligation
    
    
    (1,250
    )
    
    
    Repurchases of common stock
    
    
    (1,002
    )
    
    
    (505
    )Proceeds from the exercise of stock options
    
    
    176
    
    
    
    Payments of capital lease obligations
    
    
    (372
    )
    
    
    (38
    )Principal payments of debt obligations
    
    
    
    
    
    
    (587
    )Net cash provided/(used) in financing activities
    
    
    52
    
    
    
    (1,130
    )Effect of foreign exchange rates on cash
    
    
    456
    
    
    
    (627
    )Net change in cash and cash equivalents
    
    
    1,191
    
    
    
    2,297Cash and cash equivalents at the beginning of the period
    
    
    19,227
    
    
    
    9,475Cash and cash equivalents at the end of the period
    
    $
    20,418
    
    
    $
    11,772Supplemental disclosures of cash flow information:Interest paid
    
    $
    125
    
    
    $
    226Income taxes paid
    
    $
    999
    
    
    $
    1,125
 Supplemental schedule of noncash financing activities:
    5




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Ebix, Inc. and Subsidiaries
 
 Condensed Notes to Consolidated Financial Statements
 Note 1: Description of Business and Summary of Significant Accounting Policies
 Description of Business
  For the Three Months EndedMarch 31,(dollar amounts in thousands)
    
    2010
    
    
    2009Carrier Systems
    
    $
    2,335
    
    
    $
    2,826Exchanges
    
    
    22,871
    
    
    
    12,033BPO
    
    
    3,493
    
    
    
    3,361Broker Systems
    
    
    2,904
    
    
    
    2,448Totals
    
    $
    31,603
    
    
    $
    20,668
 Summary of Significant Accounting Policies
 Basis of Presentation Form 10-K
 Fair Value of Financial Instruments
 Revenue Recognition and Deferred Revenue
  6




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Accounts Receivable
 and the Allowance for Doubtful Accounts Receivable
 Goodwill and Other Indefinite-Lived Intangible
 Assets
  (In thousands)Beginning Balance (December 31, 2009)
    
    $
    157,245Additions
    
    
    3,066Foreign currency translation adjustments
    
    
    144Ending Balance (March 31, 2010)
    
    $
    160,455
 Finite-lived Intangible Assets
 LifeCategory
    
    (yrs)Customer relationships
    
    
    420Developed technology
    
    
    37Trademarks
    
    
    510Non-compete agreements
    
    
    5
  7




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##### Table of Contents



March 31,
    
    
    December 31,2010
    
    
    2009(In thousands)Finite-lived intangible assets:Customer relationships
    
    $
    20,585
    
    
    $
    19,773Developed technology
    
    
    8,115
    
    
    
    7,935Trademarks
    
    
    218
    
    
    
    218Non-compete agreements
    
    
    418
    
    
    
    418Backlog
    
    
    140
    
    
    
    140Total intangibles
    
    
    29,476
    
    
    
    28,484Accumulated amortization
    
    
    (8,835
    )
    
    
    (7,979
    )Finite-lived intangibles, net
    
    $
    20,641
    
    
    $
    20,505Indefinite-lived intangibles:Customer/territorial relationships
    
    $
    29,293
    
    
    $
    29,223
  Income Taxes
  Recent Relevant
Accounting Pronouncements
  8




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##### Table of Contents



Note 2: Earnings per Share
   March 31,
    
    
    March 31,2010
    
    
    2009(In thousands, except per share data)Net income
    
    $
    12,384
    
    
    $
    8,335Convertible debt interest (excludes imputed interest)
    
    
    10
    
    
    
    163Net income for diluted earnings per share purposes
    
    $
    12,394
    
    
    $
    8,498Diluted shares outstanding
    
    
    39,335
    
    
    
    37,092Diluted earnings per common share
    
    $
    0.32
    
    
    $
    0.23
  For the Three Months EndedMarch 31,2010
    
    
    2009Basic Weighted Average Shares Outstanding
    
    
    34,747,298
    
    
    
    29,780,985Incremental Shares
    
    
    4,588,165
    
    
    
    7,311,183Diluted Shares Outstanding
    
    
    39,335,463
    
    
    
    37,092,168
 Note 3: Business Combination
   Note 4: Debt with Commercial Bank
   9




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Note 5: Convertible Debt
     10




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Note 6: Commitments and Contingencies
 Lease Commitments
 Contingencies
 Self Insurance
 Note 7: Income Taxes
 Effective Tax Rate
  Accounting for Uncertainty in Income Taxes
   11




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Note 8: Derivative Instruments
   Note 9: Geographic Information
  Three Months ended March 31, 2010
 TheAmericas
    
    
    Australia
    
    
    New Zealand
    
    
    India
    
    
    Singapore
    
    
    TotalRevenue
    
    $
    23,954
    
    
    $
    6,906
    
    
    $
    367
    
    
    $
    
    
    
    $
    376
    
    
    $
    31,603Fixed assets
    
    $
    4,100
    
    
    $
    853
    
    
    $
    38
    
    
    $
    2,679
    
    
    $
    87
    
    
    $
    7,757Goodwill and intangible assets
    
    $
    150,860
    
    
    $
    493
    
    
    $
    
    
    
    $
    
    
    
    $
    59,036
    
    
    $
    210,389Headcount
    
    
    432
    
    
    
    63
    
    
    
    9
    
    
    
    522
    
    
    
    7
    
    
    
    1,033
 Three Months ended March 31, 2009
 TheAmericas
    
    
    Australia
    
    
    New Zealand
    
    
    India
    
    
    Singapore
    
    
    TotalRevenue
    
    $
    15,764
    
    
    $
    4,285
    
    
    $
    215
    
    
    $
    
    
    
    $
    404
    
    
    $
    20,668Fixed assets
    
    $
    2,440
    
    
    $
    385
    
    
    $
    24
    
    
    $
    1,253
    
    
    $
    41
    
    
    $
    4,143Goodwill and intangible assets
    
    $
    68,438
    
    
    $
    44,267
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    112,705Headcount
    
    
    318
    
    
    
    61
    
    
    
    9
    
    
    
    259
    
    
    
    6
    
    
    
    653
  12




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##### Table of Contents



Item 2:
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 As used herein, the terms Ebix, the Company, we, our and us refer to Ebix, Inc., a
Delaware corporation, and its consolidated subsidiaries as a combined entity, except where it is
clear that the terms mean only Ebix, Inc.
 Safe Harbor for Forward-Looking Statements
   
    
    Regarding Notes 4 and 5 of the Condensed Notes to the Condensed Consolidated Financial
Statements, and our future liquidity needs discussed under Liquidity and Financial
Condition, our ability to generate cash from operating activities and any declines in
our credit ratings or financial condition which could restrict our access to the capital
markets or materially increase our financing costs;
    
    With respect to Note 6 of the Condensed Notes to the Condensed Consolidated Financial
Statements, Commitments and Contingencies, and Contractual Obligations and Commercial
Commitments in MD&A, changes in the market value of our assets or the actual cost of
our commitments or contingencies;
    
    With respect to our acquisitions, our ability to efficiently and effectively
integrate acquired business operations, and our ability to accurately estimate the fair
value of tangible and intangible assets; and,
    
    With respect this Management Discussion & Analysis of Financial Condition and
Results of Operation and the analysis of the three month revenue trend, the actual level
of demand for our products during the immediately foreseeable future.
  13




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www.ebix.com www.sec.gov
  Company Overview
    Offices and Geographic Information
   14




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##### Table of Contents



Results of Operations  Three-Months Ended March 31, 2010 and 2009
 Operating Revenue
   For the Three Months EndedMarch 31,(dollar amounts in thousands)
    
    2010
    
    
    2009Carrier Systems
    
    $
    2,335
    
    
    $
    2,826Exchanges
    
    
    22,871
    
    
    
    12,033BPO
    
    
    3,493
    
    
    
    3,361Broker Systems
    
    
    2,904
    
    
    
    2,448Totals
    
    $
    31,603
    
    
    $
    20,668
  Cost of Services Provided
  Product Development expenses
  Sales and Marketing Expenses
   15




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eneral and Administrative Expenses
  Amortization and Depreciation Expenses
  Income Taxes
  Liquidity and Capital Resources
     16




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Operating Activities
   Investing Activities
   Financing Activities
    17




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##### Table of Contents



Commercial Bank Financing Facility
    Convertible Debt
   Off-Balance Sheet Arrangements
   18




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##### Table of Contents



Contractual Obligations and Commercial Commitments
  Payment Due by PeriodLess Than
    
    
    
    
    
    
    
    
    
    
    More thanTotal
    
    
    1 Year
    
    
    1  3 Years
    
    
    3  5 Years
    
    
    5 years(in thousands)Revolving line of credit
    
    $
    15,600
    
    
    $
    
    
    
    $
    15,600
    
    
    $
    
    
    
    $
    Convertible debt
    
    $
    25,000
    
    
    $
    
    
    
    $
    25,000
    
    
    $
    
    
    
    $
    Long-term debt
    
    $
    8,750
    
    
    $
    5,000
    
    
    $
    3,750
    
    
    $
    
    
    
    $
    Operating leases
    
    $
    9,824
    
    
    $
    3,044
    
    
    $
    4,284
    
    
    $
    2,376
    
    
    $
    120Capital leases
    
    $
    902
    
    
    $
    524
    
    
    $
    305
    
    
    $
    73
    
    
    $
    Total
    
    $
    60,076
    
    
    $
    8,568
    
    
    $
    48,939
    
    
    $
    2,449
    
    
    $
    120
 Recent Accounting Pronouncements
  Application of Critical Accounting Policies
  Revenue Recognition
   19




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##### Table of Contents



Allowance for Doubtful Accounts Receivable
  Valuation of Goodwill
   Income Taxes
    20




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##### Table of Contents



Item 3:
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
      21




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##### Table of Contents



Item 4:
    
    CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures:
 Internal Control over Financial Reporting:
 
 Part II  OTHER INFORMATION
 
 Item 1:
    
    LEGAL PROCEEDINGS
  
 Item 1A:
    
    RISK FACTORS
  
 Item 2:
    
    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
  
 Item 3:
    
    DEFAULTS UPON SENIOR SECURITIES
  
 Item 4:
    
    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
   22




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Item 5:
    
    OTHER INFORMATION
  Maximum Number (orTotal Number of Shares
    
    
    
    
    
    
    Approximate Dollar Value) ofPurchased as Part of
    
    
    
    
    
    
    Shares that May Yet BePublicly-Announced
    
    
    Average Price Paid
    
    
    Purchased Under the Plans orPeriod
    
    Plans or Programs
    
    
    Per Share (1)
    
    
    ProgramsAs of December 31, 2009
    
    
    273,537
    
    
    $
    6.66
    
    
    $
    3,059,000January 1, 2010 to
January 31, 2010
    
    
    
    
    
    $
    
    
    
    $
    3,059,000February 1, 2010 to
February 28, 2010
    
    
    69,070
    
    
    $
    14.50
    
    
    $
    2,057,000March 1, 2009 to
March 31, 2010
    
    
    
    
    
    $
    
    
    
    $
    2,057,000Total
    
    
    342,607
    
    
    $
    8.59
    
    
    $
    2,057,000
 (1)
    
    Average price paid per share for shares purchased as part of our publicly-announced plan
(includes brokerage commissions). 
 Item 6:
    
    EXHIBITS
   23




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##### Table of Contents



Ebix, Inc.Date: May 10, 2010
    By:
    /s/ Robin RainaRobin RainaChief Executive Officer(Principal Executive Officer)Date: May 10, 2010
    By:
    /s/ Robert F. KerrisRobert F. KerrisChief Financial Officer(Principal Financial and Accounting Officer)  24




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##### Table of Contents



EXHIBIT INDEX
 Exhibits2.1
    
    
    Stock Purchase Agreement dated February 23, 2004 by and among the Company and the shareholders of
LifeLink Corporation (incorporated by reference to Exhibit 2.1 to the Companys Current Report of
Form 8-K  dated February 23, 2004 (the February 2004 8-K)) and incorporated herein by reference.2.2
    
    
    Secured Promissory Note, dated February 23, 2004, issued by the Company (incorporated by reference
to Exhibit 2.2 of the February 2004 8-K) and incorporated herein by reference.2.3
    
    
    Purchase Agreement, dated June 28, 2004, by and between Heart Consulting Pty Ltd. And Ebix
Australia Pty Ltd. (incorporated by reference to Exhibit 2.1 to the Companys Current Report of
Form 8-K dated July 14, 2004 (the July 14, 2004 8-K)) and incorporated herein by reference.2.4
    
    
    Agreement, dated July 1, 2004, by and between Heart Consulting Pty Ltd. and Ebix, Inc.
(incorporated by reference to Exhibit 2.2 to the Companys Current Report of Form 8-K dated July
14, 2004 (the July 14, 2004 8-K)) and incorporated herein by reference.2.5
    
    
    Agreement Plan of Merger by and among Ebix, Finetre and Steven F. Piaker, as shareholders
Representative dated September 22, 2006 (incorporated by reference to Exhibit 2.1 to the Companys
Current Report on 8-K/A  dated October 2, 2006) and incorporated herein by reference.2.6
    
    
    Asset Purchase Agreement dated May 9, 2006, by and among Ebix, Inc., Infinity Systems Consulting,
Inc. and the Shareholders of Infinity Systems Consulting, Inc. (incorporated here by reference to
Exhibit 2.1 to the Companys Current Report on Form 8-K/A dated May 9, 2006) and incorporated
herein by reference.2.7
    
    
    Agreement and Plan of Merger dated October 31, 2007 by and among Ebix, Inc., Jenquest, Inc. IDS
Acquisition Sub. and Robert M. Ward as Shareholder Representative (incorporated here by reference
to Exhibit 2.1 to the Companys Current Report on Form 8-K/A dated November 7, 2007) and
incorporated herein by reference.2.8
    
    
    Stock Purchase Agreement by and among Ebix, Inc., Acclamation Systems, Inc., and Joseph Ott
(incorporated here by reference to Exhibit 2.1 to the Companys Current Report on Form 8-K dated
August 5, 2008) and incorporated herein by reference.2.9
    
    
    Stock Purchase Agreement by and amongst Ebix, Inc., ConfirmNet Corporation, Ebix Software India
Private Limited, ConfirmNet Acquisition Sub, Inc., and Craig Irving, as Shareholders
Representative (incorporated here by reference to Exhibit 2.1 to the Companys Current Report on
Form 8-K dated November 12, 2008) and incorporated herein by reference.2.10
    
    
    Agreement and Plan of Merger, dated September 30, 2009, by and amongst Ebix, E-Z Data, and Dale
Okuno and Dilip Sontakey, as Sellers (incorporated here by reference to Exhibit 2.1 to the
Companys Current Report on Form 8-K dated October 6, 2009) and incorporated herein by reference.2.11
    
    
    IP Asset Purchase Agreement, dated September 30, 2009, by and amongst Ebix Singapore PTE LTD.,
Ebix, Inc., E-Z Data, and Dale Okuno and Dilip Sontakey, as Shareholders dated September 30, 2009
(incorporated here by reference to Exhibit 2.2 to the Companys Current Report on Form 8-K dated
October 6, 2009) and incorporated herein by reference.3.1
    
    
    Certificate of Incorporation, as amended, of Ebix, Inc. (filed as Exhibit 3.1 to the Companys
Annual Report on Form 10-K for the fiscal year ended December 31, 2009) and incorporated herein by
reference.3.2
    
    
    Bylaws of the Company (filed as Exhibit 3.2 to the Companys Annual Report on Form 10-K for the
fiscal year ended December 31, 2000) and incorporated herein by reference.10.44
    
    
    Credit Agreement, dated as of February 12, 2010, by and among Ebix, Inc., as borrower, certain
subsidiaries of Ebix, Inc., as guarantors, the lenders party thereto from time to time, Bank of
America, N.A., as administrative agent (incorporated here by reference to Exhibit 10.1 to the
Companys Current Report on Form 8-K dated February 18, 2010) and incorporated herein by
reference.31.1
    *
    
    Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) (Section 302 of the
Sarbanes-Oxley Act of 2002).31.2
    *
    
    Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) (Section 302 of the
Sarbanes-Oxley Act of 2002).32.1
    *
    
    Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2
    *
    
    Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 *
    
    Filed herewith  25