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 a strategic agreement with Data Glove Technologies, a New Jersey based firm specializing in Infrastructure, Managed Services and Cloud Services. The agreement entails various facets including outsourcing of certain back office functions and strategic joint ventures (JV) to provide cloud and infrastructure support services to the Insurance, Banking and Healthcare marketplace.
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The Companies announced the setting up of two joint ventures in the US and India to target the cloud and infrastructure support areas in the BFSI industry in both geographies. The JV in the US will target the US and Candian markets while another JV set up in India will service the Asia Pacific, Africa, Europe and ASEAN Regions. The joint ventures will focus on providing Infrastrucuture Assessment including Cloud Readiness, Cloud Migration, Development Services (Dev Ops), and Maintenance Services for both Public and Private Cloud solutions.
Robin Raina, Chairman, CEO, and President of Ebix said, “The combination of Ebix and Data Glove in the field of cloud computing and infrastructure support is compelling. Data Glove’s deep and proven expertise in the Cloud space, combined with Ebix’s footprint of software products in the insurance and financial industries provides us with a unique combination that none of the other cloud and infrastructure support companies have. This initiative aligns well with our desire to continue to invest in our core insurance businesses in North America. I expect $10+million of revenues, from this arrangement in 2021.”
Rahul Bajaj, EVP, Global Revenue & New Growth Initiatives, Data Glove said “We are very excited about this win-win partnership with Ebix. Data Glove has been growing organically at 30%+levels annually. In Ebix, we found a Company who has made deep inroads in the insurance and financial industries, while powering billions of dollars of domain rich on-demand transactions annually.”
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Rajiv Korpal, EVP, Global Sales and Services, Data Glove said “This JV will have a simple goal: to provide transformative solutions that deliver exceptional outcomes. The combined blend of industry domain expertise and cloud & infrastructure support expertise positions us together as a powerful force, to win large strategic deals in these industries.”
Ash Sawhney, President, Insurance Solutions North America said, “This is a significant addition to our repertoire of offerings in North America, and a very timely one. Establishing a Cloud strategy and developing a roadmap is a key priority for most of our clients, which include hundreds of top tier insurance companies, healthcare companies, banks, and large distributors. The insurance and financial industries continue to be supported by legacy backoffice systems which are hard and expensive to maintain. Our goal is to create a roadmap to migrate those legacy applications to the Cloud thereby bringing enormous efficiencies and cost savings to our customers.”
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