Software provider Ebix has reported an 11% increase in first-quarter earnings compared with the corresponding period last year, driven by rising exchange revenues.

Net income grew to $US17.34 million ($17.38 million) from $US15.69 million ($15.73 million) as operating revenue increased 20% to $US52.57 million ($52.71 million).

The operating margin fell to 37% from 42% in the first quarter last year on costs related to a merger deal with an affiliate of US investment bank Goldman Sachs.

The agreement, announced earlier this month, is valued at about $US820 million ($822.2 million).

Ebix Australia is the local industry’s largest technology company, with services including the dominant Sunrise Exchange transaction platform, broker system WinBEAT and the iClose e-commerce transaction platform.

Revenues from the Ebix exchange business – which in Australia includes Fintechnix and Sunrise Exchange – grew 20% to $US51.69 million ($51.83 million). Exchanges account for 79% of total company revenues.

Earlier this month Ebix Australia MD Leon d’Apice told insuranceNEWS.com.au the merger would have no impact on the local company’s operations.