Ebix Announces Appointment of George W. Hebard III to Its Board of Directors

Ebix, Inc. (Nasdaq: EBIX), a leading international supplier of on-demand software and e-commerce services to the insurance, financial and healthcare industries, today announced that George ("Geordie") W. Hebard III, Managing Director of Barington Capital Group, L.P., has been appointed to the Company's Board of Directors. Mr. Hebard is replacing James A. Mitarotonda, Chairman and Chief Executive Officer of Barington Capital Group, L.P., who will be leaving the Ebix Board to devote his own time to other Companies that need his focused attention.Mr. Mitarotonda stated, "During my service on the Ebix Board, I have been extremely impressed with the leadership of Robin Raina and the fundamental strength of the operations that he has built at Ebix. Given the resolution with the Internal Revenue Service with respect to a previously disclosed audit, I believe that Ebix is now in a strong position to execute its business plans with limited extraneous interruptions or distractions. While I am leaving the Board due to other new demands on my time, I am pleased that my colleague Geordie Hebard is joining the Board and that the Company is in the capable hands of Robin Raina and the rest of the Ebix directors."Mr. Hebard, Managing Director of Barington Capital Group, L.P., stated, "Having followed Ebix since 2008 and as a shareholder since 2013, I am excited to become an Ebix director. Ebix has a strong business with extensive opportunities for future growth. I look forward to working with Robin and the other members of the Ebix Board to build long-term value for the shareholders of the Company."Robin Raina, Chairman of the Board and Chief Executive Officer of Ebix, said, "I am pleased that Mr. Hebard is joining the Board of Ebix. Besides his involvement with the Barington investment in Ebix, he has personally been an investor in Ebix since 2013. That speaks to his belief in the strength of the Ebix story. I also want to thank Mr. Mitarotonda for his service as a director and for his continued support as a significant shareholder of Ebix."As a part of an amendment to the prior agreement reached with Barington Capital Group, L.P., Barington has agreed to an extension of certain "standstill" provisions through the annual meeting of stockholders of the Company to be held in 2018.George W. Hebard III is a Managing Director of Barington Capital Group, L.P., an investment firm that has assisted numerous companies in improving their financial and share price performance. Mr. Hebard served as Principal Executive Officer and Chief Operating Officer of Enzon Pharmaceuticals, Inc. from May 2012 to December 2013, and has continued in that role as a consultant since January 2014. From September 2011 to April 2012, Mr. Hebard was a Managing Director at Icahn Capital LP, the entity through which Carl C. Icahn manages investment funds. Prior to joining Icahn Capital, from 2005 to 2011, Mr. Hebard served as a Managing Director at Blue Harbour Group, an investment firm in Greenwich, Connecticut. Prior to Blue Harbour Group, Mr. Hebard served as a Managing Director at Ranger Partners from 2002 to 2003, and prior to Ranger Partners, Mr. Hebard was an Associate at Icahn Associates Corp. from 1998 to 2002. Mr. Hebard is a director of North Atlantic Holding Company and was a director of Enzon Pharmaceuticals, Inc. from February 2012 to November 2013. He has an MBA from INSEAD and an A.B. in Economics from Princeton University.