Related Party Transactions

12 Months Ended

Dec. 31, 2012

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

We consider Bank of America (“BOA" to be a related party because BOA had provided commercial financing to the Company and its parent until April 2012, Merrill Lynch, is also a customer to whom the Company sells products and services. Revenues recognized from BOA/Merrill Lynch were $1.2 million, $860 thousand and $803 thousand for each of the years ending December 31, 2012, 2011 and 2010, respectively. Accounts receivable due from BOA/Merrill Lynch was $216 thousand and $205 thousand at December 31, 2012 and 2011, respectively. On April 26, 2012, Ebix fully paid all of its obligations and related fees then outstanding to BOA. The aggregate amount of the payment was $45.14 million and was funded from a portion of the proceeds of the Citibank led Secured Syndicated Credit Facility.

Consistent with Ebix’s corporate mission of giving back to the communities in which we operate our business, and as previously authorized by the Company’s Board of Directors, during the year ended December 31, 2012 Ebix donated $46 thousand to the Robin Raina Foundation, a non-profit 501(c) charity in support of under privileged children living in the poverty stricken areas of Delhi, India.