ATLANTA, Dec. 30, 2004 (PRIMEZONE) -- Ebix, Inc. (Nasdaq:EBIX), a leading international developer and supplier of software and e-commerce solutions to the insurance industry, today announced that it has been recognized by the Carnegie Mellon Software Engineering Institute (SEI) at Level 4 of SEI's Capability Maturity Model (CMM). This puts Ebix in the elite list of approximately 130 software development organizations worldwide that have been assessed at CMM Level 4.
A SEI-certified independent assessment team from Perot Systems TSI lead by the lead assessor Rakesh Soni (SEI ID 0000680-A) conducted the CMM assessment of Ebix's centralized worldwide development headquarters in Noida, India.
Level 4 status is awarded only to premiere, global software developers that successfully implement strict quantitative quality and productivity goals for both software products and processes. At CMM Level 4, also called the "Managed Level," Ebix sets quantitative quality goals for both software products and processes. Productivity and quality are measured for important software process activities across all projects as part of an organizational measurement program. At Level 4, software processes are instrumented with well-defined and consistent measurements, which establish the quantitative foundation for evaluating each project.
Robin Raina, President and Chief Executive Officer of Ebix, stated, "Achieving the CMM Level 4 rating represents a major milestone in our company's relentless focus on software excellence. Starting with the achievement of ISO 9000:2001 certification in 2003 and followed by today's SEI CMM Level 4 milestone, Ebix has demonstrated a commitment to quality that places us in an elite category of global software developers. Not only does this assure our existing and prospective customers of the high quality of our work, but it also underscores our ongoing quality commitment and ability to deliver projects on time, on budget and on spec.
"I am particularly proud of this achievement, as it was accomplished in record time and on schedule with the aggressive timetable we first announced in March 2004. This is particularly impressive as on an average, as per published SEI numbers, it takes a period of 66 months to move from level 0 to Level 4 of CMM. Our confidence in meeting the schedule was rooted in our existing quality processes and in the highly efficient development operations we have created at our software development facility in India."
Mr. Raina added, "From a competitive standpoint, this globally respected ranking allows Ebix to compete on equal footing with some of the world's largest IT companies while also differentiating Ebix from the large number of vendors who have not reached this level of quality distinction."
About CMM
The Capability Maturity Model for Software (CMM or SW-CMM) is a model for judging the maturity of the software processes of an organization and for identifying the key practices that are required to increase the maturity of these processes. The SW-CMM has been developed by the software community with stewardship by the Software Engineering Institute (SEI), Carnegie Mellon University.
The SW-CMM has become a de facto standard for assessing and improving software processes. Through the SW-CMM, the SEI and community have established an effective means for modeling, defining, and measuring the maturity of the processes used by software professionals.
About Carnegie Mellon
Carnegie Mellon is a private research university with a distinctive mix of programs in computer science, robotics, engineering, the sciences, business, public policy, fine arts and the humanities. Carnegie Mellon has contributed to development and use of other successful quality standards, such as CMMI(r), SW-CMM(r) and People CMM(r). For more information, visit www.cmu.edu.
(r)Capability Maturity Model, Carnegie Mellon, CMM and CMMI are registered in the U.S. Patent and Trademark Office by Carnegie Mellon University.
About Ebix
Founded in 1976, Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix has recently been awarded the coveted Level 4 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM).
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations. Ebix has previously secured ISO 9001:2000 certification for both its development and call center units in India.
Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems, exchanges to custom software development for all entities involved in the insurance and financial industries. With bases in Singapore, Australia, the U.S., New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. For more information, visit the Company's Web site at www.ebix.com.
Safe Harbor for Forward-Looking Statements
This press release contains various forward-looking statements and information that are based on Ebix management's beliefs, as well as assumptions made by and information currently available to management. Ebix has tried to identify such forward looking statements by use of such words as "will," "expects," "intends," "anticipates," "plans," "believes" and similar expressions, but these words are not the exclusive means of identifying such statements. Such statements are subject to various risks, uncertainties and other factors which could cause actual results to vary materially from those expressed in, or implied by, the forward looking statements. Such risks, uncertainties and other factors include the extent to which the Ebix.com website and other new products and services can be successfully developed and marketed, the risks associated with any future acquisitions, and integrating recently completed acquisitions, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties, possible governmental regulation and/or other adverse consequences resulting from negative perception of the outsourcing of business processes to foreign countries, Ebix's ability to continue to develop new products to effectively address market needs in an industry characterized by rapid technological change, Ebix's ability to raise additional capital to finance future acquisitions and meet other funding needs, Ebix's dependence on a few customers (including one that is Ebix's largest stockholder), Ebix's dependence on the insurance industry, the highly competitive and rapidly changing automation systems market, Ebix's ability to effectively protect its applications software and other proprietary information, Ebix's ability to attract and retain quality management, and software, technical sales and other personnel, the risks of disruption of Ebix's Internet connections or internal service problems, the possible adverse effects of a substantial increase in volume of traffic on Ebix's website, mainframe and other servers, possible security breaches on the Ebix website, the possible effects of insurance regulation on Ebix, the possible effects of the Securities and Exchange Commission's investigation of Ebix's financial reporting, and possible future terrorist attacks or acts of war. Certain of these, as well as other risks, uncertainties and other factors, are described in more detail in Ebix's periodic filings with the Securities and Exchange Commission, including Ebix's quarterly report on Form 10-Q for the quarter ended September 30, 2004. Except as expressly required by the federal securities laws, Ebix undertakes no obligation to update any such factors or any of the forward-looking statements contained herein to reflect changed circumstances or future events or developments or for any other reason.