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Ebix repurchases $2.4M in stock during 3Q

Fri, 10/22/2010 - 2:05pm
The Associated Press

Ebix Inc., which makes software for insurance companies, said Friday that during the third quarter it repurchased $2.41 million worth of common stock at an average price of $18.65 per share.

In all of 2010, the company has bought back $7.7 million worth of stock.

Ebix also said that in September and October Whitevox VSC Ltd. and IAM Mini-Fund 14, which held $20 million in convertible notes, elected to convert $15 million of these notes to 172,887 shares of Ebix's common stock. Ebix also paid $2.5 million in cash.

Ebix's stock rose 10 cents to close at $23.40.

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