Related Party Transactions

12 Months Ended

Dec. 31, 2019

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

We consider Regions Bank ("Regions") to be a related party because Regions provides financing to the Company via a syndicated commercial banking facility (refer to Note 5 to these Consolidated Financial Statements), for which Regions is the lead bank, and because Regions is also a customer to whom the Company sells products and services. Revenues recognized from Regions were $193 thousand, $221 thousand, and $301 thousand for the years ended December 31, 2019, 2018, and 2017, respectively. Accounts receivable due from Regions were $13 thousand and $74 thousand at December 31, 2019 and 2018, respectively.

We also consider the BMO Bank ("BMO") to be a related party because BMO is a participating bank in the above cited syndicated commercial banking facility, and because BMO is also a customer to whom the Company sells products and services. Revenues recognized from BMO were $351 thousand for the year ended December 31, 2019, and the accounts receivable due from BMO were $29 thousand at December 31, 2019.

As discussed in Note 18 "Investment in Joint Ventures", Vayam Technologies Ltd ("Vayam") is also a customer of the Ebix Vayam Limited JV, and during the twelve months ending December 31, 2019 and 2018, the Ebix Vayam Limited JV recognized $1.4 million and $13.6 million of revenue from Vayam, respectively. As of December 31, 2019, Vayam had $22.8 million of accounts receivable with the Ebix Vayam Limited JV.

Also, as discussed in Note 18 "Investment in Joint Ventures", an in regards to the EbixHealth JV it was concluded that the customer relationship with IHC, our joint venture partner, to be by its nature, a related party.