the insurance markets have continuously increased their demands for cutting edge solutions to reduce paper based processes and improve efficiency both at the back-end side and at the consumer end side of their insurance transaction processing . such consolidation has involved both insurance carriers and insurance brokers and is directly impacting the manner in which insurance products are distributed . management believes the world-wide insurance industry will continue to experience significant change and the need for increased efficiencies through online exchanges and streamlined processes . the changes in the insurance industry are likely to create new opportunities for the company . management focuses on a variety of key indicators to monitor operating and financial performance . these performance indicators include measurements of revenue growth , operating income , operating margin , income from continuing operations , diluted earnings per share , and cash provided by operating activities . we monitor these indicators , in conjunction with our corporate governance practices , to ensure that our business is efficiently managed and that effective controls are maintained . the key performance indicators for the twelve months ended december 31 , 2012 , 2011 , and 2010 were as follows : replace_table_token_6_th 21 results of operations replace_table_token_7_th twelve months ended december 31 , 2012 and 2011 operating revenue the company derives its revenues primarily from professional and support services , which includes subscription and transaction fees pertaining to services delivered over our exchanges or from our asp platforms , revenue generated from software development projects and associated fees for consulting , implementation , training , and project management provided to customers using our systems , and business process outsourcing revenue . ebix 's revenue streams come from four product channels . presented in the table below is the breakout of our revenues for each of those product channels for the years ended december 31 , 2012 and 2011 . replace_table_token_8_th during the twelve months ended december 31 , 2012 our total revenue increased $ 30.4 million or 18 % , to $ 199.4 million compared to $ 169.0 million in 2011 . the increase in revenues is a summation of revenue from business acquisitions completed during 2012 and 2011 and the continued growth achieved in our exchange channel , partially offset in the aggregate by a reduction in bpo revenues which were affected by the downturn in the construction industry , and a reduction in health revenues due to uncertainty associated with the health reform movement . in regards to business acquisitions , the company continues to immediately and efficiently leverage product cross-selling opportunities across all channels , as facilitated by our operating philosophy and business acquisition strategy . with respect to business acquisitions completed during the fiscal years 2012 and 2011 on a pro forma basis , as disclosed in the table in note 4 “ pro forma financial information ” to the enclosed consolidated financial statements , combined revenues increased 1.3 % for the year 2012 versus full year 2011 , whereas there was a 18.0 % increase in reported revenues for the same comparative periods . the cause for the difference between the 18.0 % increase in reported 2012 revenue versus 2011 revenue , as compared to the 1.2 % increase in 2012 pro forma versus 2011 pro forma revenue is due to 22 the effect of combining the additional revenue derived from those businesses acquired during the years 2011 and 2012 , specifically adam , healthconnect , bsi , taimma , planetsoft , fintechnix , and trisystems , with the company 's pre-existing operations . the 2012 and 2011 pro forma financial information assumes that all such business acquisitions were made on january 1 , 2011 , whereas the company 's reported financial statements for 2012 only includes the revenues from the businesses since the effective date that they were acquired by ebix , and therefore includes seven months of actual financial results of planetsoft , seven months of fintechnix , five months of trisystems , nine months of bsi and nine months of taimma . similarly , the 2011 pro forma financial information includes a full year of results for planetsoft and adam as if they had been acquired on january 1 , 2011 , whereas the company 's reported financial statements for the year ended december 31 , 2011 only includes the actual financial results of adam since the effective date of its acquisition on february 7 , 2011 , only 1.5 months of healthconnect , and no revenue for planetsoft . also partially effecting reported revenues was the impact from fluctuations in the exchange rates for the foreign currencies in the countries in which we conduct operations . during each of the years 2012 , 2011 , and 2010 the change in foreign currency exchange rates increased/ ( decreased ) reported consolidated operating revenues by $ ( 1.2 ) million , $ 4.2 million , and $ 4.6 million , respectfully . supplemental information - the pro forma revenues of the company for 2012 included a drop of $ 5.63 million as compared to pro forma 2011 revenues , on account of uncertainty created by the health reform movement , decision to exit from certain unprofitable health insurance related activities , the de-emphasizing of certain customer channels in brazil , and the weakening of the brazilian currency by approximately 14 % year over year . excluding the decrease in revenue from these specific health insurance areas and brazil , the company 's then adjusted 2012 pro forma revenues increased 3.9 % as compared to 2011 pro forma revenues . the above referenced pro forma table and the relative change in pro forma and actual revenues is based on the following premises : 2011 and 2012 pro forma revenue contains actual revenue of the acquired entities before acquisition date , as reported by the sellers , as well as actual revenue of the acquired entities after acquisition . story_separator_special_tag 6.9 million of gains recognized upon the re-measuring of certain intercompany debt obligations partially offset by $ 2.6 million of losses recorded in connection with the changes in the fair value of related derivative instruments the company holds to hedge the impact of fluctuations in the exchange rates in the foreign jurisdictions in which we conduct operations . income taxes the company recognized a net tax expense of $ 2.1 million for the year ended december 31 , 2011 , as compared $ 635 thousand of income tax expense recognized for the year ended december 31 , 2010 representing a $ 1.5 million or 233 % increase . the primary factor contributing to the tax expense increase is that is that in the year 2010 the company released its valuation allowances held against deferred tax assets associated with tax net operating losses carry forwards obtained from some prior earlier business acquisitions , recognizing a $ 2.3 million benefit . the company 's tax provision for the year , before the effect of discrete items , was an expense of $ 6.9 million and reflects an effective tax rate 9.5 % as compared to the 4.8 % effective tax rate for the same period a year earlier . the effective rate increased primarily due to an increased proportion of our taxable income having been generated in jurisdictions with higher tax rates . included in the discrete items recognized during the year ended december 31 , 2011 were the releases of the remaining valuation allowances held against deferred tax assets associated with tax net operating losses carry forwards obtained from earlier business acquisitions . the valuation allowances were released based on analysis of the levels of taxable income being generated by these business units , available prudent and feasible tax planning strategies , and an analysis of the relevant income tax regulations . as a result of the release of the valuation allowances the company recognized a tax benefit of $ 6.6 million . also included in recognized discrete items was a $ 1.9 million income tax expense pertaining to charges associated with windfall gains realized from tax deductions in connection with exercised stock options and vested restricted stock grants , and a $ 233 thousand income tax benefit from certain enhanced research and development tax deductions realized in our foreign operations . facilitating our relatively low consolidated world-wide effective tax rate is the advantages the company realizes from conducting activities in certain foreign low tax jurisdictions . the pre-tax income from and the applicable statutory tax rates in each jurisdiction in which the company had operations for the year ending december 31 , 2011 was as follows : replace_table_token_11_th liquidity and capital resources our ability to generate significant cash flows from operating activities is one the company 's fundamental financial strengths . our principal sources of liquidity are the cash flows provided by our operating activities , our revolving credit facility , and cash and cash equivalents on hand . we intend to utilize cash flows generated by our ongoing operating activities , in combination with possibly expanding our commercial lending facility , and the possible issuance of additional equity or debt securities to fund capital expenditures and organic growth initiatives , to make strategic business acquisitions , to retire outstanding indebtedness , and to possibly repurchase shares of our common stock as market and operating conditions warrant . the company also intends to use a portion of its operating cash flows to continue issuing dividends to its shareholders in the foreseeable future , while remaining dedicated to using most of its cash to generate improvement in future earnings by funding organic growth initiatives and accretive business acquisitions . 28 we believe that anticipated cash flow provided by our operating activities , together with current cash balances and access to our credit facilities and the capital markets , if required , will be sufficient to meet our projected cash requirements for the next twelve months , and the foreseeable future thereafter , although any projections of future cash needs , cash flows , and the general market conditions for credit and equity securities may be subject to substantial uncertainty . in the event additional liquidity needs arise , we may raise funds from a combination of sources , including the potential issuance of debt or equity securities . however , there are no assurances that such financing facilities will be available in amounts or on terms acceptable to us , if at all . we continue to strategically evaluate our ability to sell additional equity or debt securities , and to expand existing or obtain new credit facilities from lenders in order to strengthen our financial position . the sale of additional equity or debt securities could result in dilution to our shareholders . we regularly evaluate our liquidity requirements , including the need for additional debt or equity offerings , when considering potential business acquisitions , development of new products or services , or the retirement of debt . during 2013 the company intends to utilize its cash and other financing resources towards making strategic accretive acquisitions in the insurance data exchange arena , to fund new product development and service offerings , and to fund organic growth initiatives . our cash and cash equivalents were $ 36.4 million and $ 23.7 million at december 31 , 2012 and 2011 , respectively . the company holds material cash and cash equivalent balances overseas in foreign jurisdictions . the free flow of cash from certain countries where we hold such balances may be subject to repatriation tax effects and other restrictions . furthermore , the repatriation of earnings from some of our foreign subsidiaries would result in the application of withholding taxes at source and taxation at the u.s. parent level upon receipt of the repatriation amounts . the approximate cash , cash equivalents , and short-term investments balances held in our domestic u.s. operations and each of our foreign subsidiaries

net cash used for investing activities totaled $ 63.4 million for the twelve months ended december 31 , 2012 . during the year the company used $ 35.1 million to acquire planetsoft in june 2012 ( net of $ 78 thousand cash acquired ) , and $ 20.0 million in the aggregate to complete four other business acquisitions during the year which were not material individually or in the aggregate . in addition $ 2.0 million was used to complete a minority investment in curepet . also during this past year in the aggregate $ 5.0 million was paid in connection with the fulfillment of earnout payment obligations from certain prior business acquisitions made in 2011 and 2010. in addition during the year $ 681 thousand was provided from maturities of marketable securities ( specifically bank certificates of deposit ) , net of purchases , and $ 2.0 million was used for capital expenditures in connection with purchases of operating equipment to enhance the performance of our technology platforms and to support the continued growth of our businesses . net cash used for investing activities totaled $ 13.3 million for the twelve months ended december 31 , 2011. during the year the company used $ 17.9 million to acquire health connect solutions in november 2011 ( net of $ 55 thousand cash acquired ) , and $ 3.5 million was obtained from the february 2011 acquisition of adam ( net of $ 944 thousand used to settle outstanding adam stock options ) . also during 2011 the company paid $ 577 thousand in the aggregate to fulfill earnout payment obligations from certain prior business acquisitions made in 2008 , 2009 , and 2010. also during the prior year $ 4.5 million was provided from maturities of marketable securities ( specifically bank certificates of deposit ) , net of purchases , and $ 2.8 million was used for capital expenditures .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```net cash used for investing activities totaled $ 63.4 million for the twelve months ended december 31 , 2012 . during the year the company used $ 35.1 million to acquire planetsoft in june 2012 ( net of $ 78 thousand cash acquired ) , and $ 20.0 million in the aggregate to complete four other business acquisitions during the year which were not material individually or in the aggregate . in addition $ 2.0 million was used to complete a minority investment in curepet . also during this past year in the aggregate $ 5.0 million was paid in connection with the fulfillment of earnout payment obligations from certain prior business acquisitions made in 2011 and 2010. in addition during the year $ 681 thousand was provided from maturities of marketable securities ( specifically bank certificates of deposit ) , net of purchases , and $ 2.0 million was used for capital expenditures in connection with purchases of operating equipment to enhance the performance of our technology platforms and to support the continued growth of our businesses . net cash used for investing activities totaled $ 13.3 million for the twelve months ended december 31 , 2011. during the year the company used $ 17.9 million to acquire health connect solutions in november 2011 ( net of $ 55 thousand cash acquired ) , and $ 3.5 million was obtained from the february 2011 acquisition of adam ( net of $ 944 thousand used to settle outstanding adam stock options ) . also during 2011 the company paid $ 577 thousand in the aggregate to fulfill earnout payment obligations from certain prior business acquisitions made in 2008 , 2009 , and 2010. also during the prior year $ 4.5 million was provided from maturities of marketable securities ( specifically bank certificates of deposit ) , net of purchases , and $ 2.8 million was used for capital expenditures .
```    
 Suspicious Activity Report : the insurance markets have continuously increased their demands for cutting edge solutions to reduce paper based processes and improve efficiency both at the back-end side and at the consumer end side of their insurance transaction processing . such consolidation has involved both insurance carriers and insurance brokers and is directly impacting the manner in which insurance products are distributed . management believes the world-wide insurance industry will continue to experience significant change and the need for increased efficiencies through online exchanges and streamlined processes . the changes in the insurance industry are likely to create new opportunities for the company . management focuses on a variety of key indicators to monitor operating and financial performance . these performance indicators include measurements of revenue growth , operating income , operating margin , income from continuing operations , diluted earnings per share , and cash provided by operating activities . we monitor these indicators , in conjunction with our corporate governance practices , to ensure that our business is efficiently managed and that effective controls are maintained . the key performance indicators for the twelve months ended december 31 , 2012 , 2011 , and 2010 were as follows : replace_table_token_6_th 21 results of operations replace_table_token_7_th twelve months ended december 31 , 2012 and 2011 operating revenue the company derives its revenues primarily from professional and support services , which includes subscription and transaction fees pertaining to services delivered over our exchanges or from our asp platforms , revenue generated from software development projects and associated fees for consulting , implementation , training , and project management provided to customers using our systems , and business process outsourcing revenue . ebix 's revenue streams come from four product channels . presented in the table below is the breakout of our revenues for each of those product channels for the years ended december 31 , 2012 and 2011 . replace_table_token_8_th during the twelve months ended december 31 , 2012 our total revenue increased $ 30.4 million or 18 % , to $ 199.4 million compared to $ 169.0 million in 2011 . the increase in revenues is a summation of revenue from business acquisitions completed during 2012 and 2011 and the continued growth achieved in our exchange channel , partially offset in the aggregate by a reduction in bpo revenues which were affected by the downturn in the construction industry , and a reduction in health revenues due to uncertainty associated with the health reform movement . in regards to business acquisitions , the company continues to immediately and efficiently leverage product cross-selling opportunities across all channels , as facilitated by our operating philosophy and business acquisition strategy . with respect to business acquisitions completed during the fiscal years 2012 and 2011 on a pro forma basis , as disclosed in the table in note 4 “ pro forma financial information ” to the enclosed consolidated financial statements , combined revenues increased 1.3 % for the year 2012 versus full year 2011 , whereas there was a 18.0 % increase in reported revenues for the same comparative periods . the cause for the difference between the 18.0 % increase in reported 2012 revenue versus 2011 revenue , as compared to the 1.2 % increase in 2012 pro forma versus 2011 pro forma revenue is due to 22 the effect of combining the additional revenue derived from those businesses acquired during the years 2011 and 2012 , specifically adam , healthconnect , bsi , taimma , planetsoft , fintechnix , and trisystems , with the company 's pre-existing operations . the 2012 and 2011 pro forma financial information assumes that all such business acquisitions were made on january 1 , 2011 , whereas the company 's reported financial statements for 2012 only includes the revenues from the businesses since the effective date that they were acquired by ebix , and therefore includes seven months of actual financial results of planetsoft , seven months of fintechnix , five months of trisystems , nine months of bsi and nine months of taimma . similarly , the 2011 pro forma financial information includes a full year of results for planetsoft and adam as if they had been acquired on january 1 , 2011 , whereas the company 's reported financial statements for the year ended december 31 , 2011 only includes the actual financial results of adam since the effective date of its acquisition on february 7 , 2011 , only 1.5 months of healthconnect , and no revenue for planetsoft . also partially effecting reported revenues was the impact from fluctuations in the exchange rates for the foreign currencies in the countries in which we conduct operations . during each of the years 2012 , 2011 , and 2010 the change in foreign currency exchange rates increased/ ( decreased ) reported consolidated operating revenues by $ ( 1.2 ) million , $ 4.2 million , and $ 4.6 million , respectfully . supplemental information - the pro forma revenues of the company for 2012 included a drop of $ 5.63 million as compared to pro forma 2011 revenues , on account of uncertainty created by the health reform movement , decision to exit from certain unprofitable health insurance related activities , the de-emphasizing of certain customer channels in brazil , and the weakening of the brazilian currency by approximately 14 % year over year . excluding the decrease in revenue from these specific health insurance areas and brazil , the company 's then adjusted 2012 pro forma revenues increased 3.9 % as compared to 2011 pro forma revenues . the above referenced pro forma table and the relative change in pro forma and actual revenues is based on the following premises : 2011 and 2012 pro forma revenue contains actual revenue of the acquired entities before acquisition date , as reported by the sellers , as well as actual revenue of the acquired entities after acquisition . story_separator_special_tag 6.9 million of gains recognized upon the re-measuring of certain intercompany debt obligations partially offset by $ 2.6 million of losses recorded in connection with the changes in the fair value of related derivative instruments the company holds to hedge the impact of fluctuations in the exchange rates in the foreign jurisdictions in which we conduct operations . income taxes the company recognized a net tax expense of $ 2.1 million for the year ended december 31 , 2011 , as compared $ 635 thousand of income tax expense recognized for the year ended december 31 , 2010 representing a $ 1.5 million or 233 % increase . the primary factor contributing to the tax expense increase is that is that in the year 2010 the company released its valuation allowances held against deferred tax assets associated with tax net operating losses carry forwards obtained from some prior earlier business acquisitions , recognizing a $ 2.3 million benefit . the company 's tax provision for the year , before the effect of discrete items , was an expense of $ 6.9 million and reflects an effective tax rate 9.5 % as compared to the 4.8 % effective tax rate for the same period a year earlier . the effective rate increased primarily due to an increased proportion of our taxable income having been generated in jurisdictions with higher tax rates . included in the discrete items recognized during the year ended december 31 , 2011 were the releases of the remaining valuation allowances held against deferred tax assets associated with tax net operating losses carry forwards obtained from earlier business acquisitions . the valuation allowances were released based on analysis of the levels of taxable income being generated by these business units , available prudent and feasible tax planning strategies , and an analysis of the relevant income tax regulations . as a result of the release of the valuation allowances the company recognized a tax benefit of $ 6.6 million . also included in recognized discrete items was a $ 1.9 million income tax expense pertaining to charges associated with windfall gains realized from tax deductions in connection with exercised stock options and vested restricted stock grants , and a $ 233 thousand income tax benefit from certain enhanced research and development tax deductions realized in our foreign operations . facilitating our relatively low consolidated world-wide effective tax rate is the advantages the company realizes from conducting activities in certain foreign low tax jurisdictions . the pre-tax income from and the applicable statutory tax rates in each jurisdiction in which the company had operations for the year ending december 31 , 2011 was as follows : replace_table_token_11_th liquidity and capital resources our ability to generate significant cash flows from operating activities is one the company 's fundamental financial strengths . our principal sources of liquidity are the cash flows provided by our operating activities , our revolving credit facility , and cash and cash equivalents on hand . we intend to utilize cash flows generated by our ongoing operating activities , in combination with possibly expanding our commercial lending facility , and the possible issuance of additional equity or debt securities to fund capital expenditures and organic growth initiatives , to make strategic business acquisitions , to retire outstanding indebtedness , and to possibly repurchase shares of our common stock as market and operating conditions warrant . the company also intends to use a portion of its operating cash flows to continue issuing dividends to its shareholders in the foreseeable future , while remaining dedicated to using most of its cash to generate improvement in future earnings by funding organic growth initiatives and accretive business acquisitions . 28 we believe that anticipated cash flow provided by our operating activities , together with current cash balances and access to our credit facilities and the capital markets , if required , will be sufficient to meet our projected cash requirements for the next twelve months , and the foreseeable future thereafter , although any projections of future cash needs , cash flows , and the general market conditions for credit and equity securities may be subject to substantial uncertainty . in the event additional liquidity needs arise , we may raise funds from a combination of sources , including the potential issuance of debt or equity securities . however , there are no assurances that such financing facilities will be available in amounts or on terms acceptable to us , if at all . we continue to strategically evaluate our ability to sell additional equity or debt securities , and to expand existing or obtain new credit facilities from lenders in order to strengthen our financial position . the sale of additional equity or debt securities could result in dilution to our shareholders . we regularly evaluate our liquidity requirements , including the need for additional debt or equity offerings , when considering potential business acquisitions , development of new products or services , or the retirement of debt . during 2013 the company intends to utilize its cash and other financing resources towards making strategic accretive acquisitions in the insurance data exchange arena , to fund new product development and service offerings , and to fund organic growth initiatives . our cash and cash equivalents were $ 36.4 million and $ 23.7 million at december 31 , 2012 and 2011 , respectively . the company holds material cash and cash equivalent balances overseas in foreign jurisdictions . the free flow of cash from certain countries where we hold such balances may be subject to repatriation tax effects and other restrictions . furthermore , the repatriation of earnings from some of our foreign subsidiaries would result in the application of withholding taxes at source and taxation at the u.s. parent level upon receipt of the repatriation amounts . the approximate cash , cash equivalents , and short-term investments balances held in our domestic u.s. operations and each of our foreign subsidiaries

