Barington Capital Reaches Deal with Ebix, Obtains Two Board Seats

Barington Capital Reaches Deal with Ebix, Obtains Two Board Seats

Barington Capital Group, the activist hedge fund headed by James Mitarotonda reached an agreement with Ebix Inc (NASDAQ:EBIX), a supplier of on-demand software and e-commerce services to the insurance, financial and healthcare industries worldwide.

Last month, Barington Capital told Ebix Inc (NASDAQ:EBIX) that new independent directors are needed to improve oversight. The activist hedge fund recommended four candidates.

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Agreement between Barington Capital and Ebix

Under the agreement, Ebix Inc (NASDAQ:EBIX) agreed to provide two board seats to Barington Capital, which owns 1.6% of the outstanding common stock of the company.

Ebix Inc (NASDAQ:EBIX) agreed to add Mitarotonda and Joseph Wright to its slate of board nominees for election during the company’s 2014 annual meeting of stockholders. Wright is currently serving on the Defense Business board of the United States government.

Barington Capital agreed to vote all of its shares in favor of all the nominees of Ebix Inc (NASDAQ:EBIX). The activist hedge fund also agreed to certain customary standstill provisions.

Ebix Chairman and CEO Robin Raina said the company has been actively sea