Introduction
Ebix, Inc. (EBIX) is a company that provides on-demand services for insurance, financial, and healthcare industries (mostly for exchanges, as known as marketplaces). The services include order-entry platforms, quoting engines, risk administration tools, loss reporting compliance, data transformation solutions, and various other front-end and back-end systems. While the root of Ebix was to provide services to other businesses (mainly the insurance industry), and thus possessing a respectable economic moat, starting in 2017, EBIX expanded its businesses to all other financial services, including remittance, travel booking, digital payments, and forex. The move was