Subsequent Events (Notes)

9 Months Ended

Sep. 30, 2017

Subsequent Event [Line Items]

Subsequent Events [Text Block]

Note 11: Subsequent Events

Exercise of Credit Agreement Accordion Feature

On November 3, 2017 the Company and certain of its subsidiaries entered into the Fifth Amendment (the “Fifth Amendment”) to the Credit Agreement to exercise $50 million of its aggregate $100 million accordion option, increasing the total Term Loan Commitment to $175 million. $20 million of the increase was funded on November 3, 2017 and the remaining $30 million shall be disbursed upon the satisfaction of certain closing requirements set forth in the Fifth Amendment. Both such disbursements are tied to permitted acquisitions as set forth in the Fifth Amendment.

Acquisitions and Joint Ventures

    On November 7, 2017 the acquisition of the MTSS Business of PML was completed following the securing of the requisite approval of shareholders and other regulatory/commercial agencies. The acquisition was previously announced in September 2017.

On October 31, 2017 the Company announced that one of its Singapore subsidiaries has entered into an agreement to acquire Via.com, an Omni-channel online travel and assisted e-commerce exchange. The acquisition of Via expands on the Company’s distribution network in the South East of Asia, besides offering significant cross selling opportunities for the Company’s EbixCash Financial Exchange portfolio of products. Under the terms of the agreement, Via was valued at a total enterprise value of approximately $74.9 million.

On October 26, 2017 the Company announced that they have signed a memorandum of understanding to form a joint venture, to set up a pioneering insurance distribution network in India. The joint venture between BSE Investments Limited ("BIL"), a wholly owned subsidiary of BSE and Ebix Fincorp Exchange Pte Ltd, a wholly owned subsidiary of Ebix was formed with the goal of revolutionizing end-to-end sales and processing of Insurance in India. The new venture to be branded as BSE-Ebix intends to deploy an insurance distribution exchange platform, that will allow distribution outlets, stock brokers, wealth management advisors and financial institutions etc. across the length and breadth of the country to sell life and non-life products.

On October 6, 2017 the acquisition of the MTSS Business of WSFIN along with the acquisition of its subsidiary company Goldman Securities Limited, was completed with the necessary shareholder and other requisite approvals being secured. The acquisition was previously announced in August 2017.

On October 3, 2017 the acquisition of the MTSS Business of YouFirst was funded following the securing of the requisite approvals for the closing. The acquisition was agreed previously to on August 18, 2017 and made effective September 1, 2017.