through its various saas-based software platforms , ebix employs thousands of domain-specific technology professionals to provide products , support and consultancy to thousands of customers on six continents . ebix provides application software products for the insurance industry including carrier systems , agency systems and exchanges , as well as custom software development . approximately 83 % of the company 's revenues are recurring . rather than license our products in perpetuity , we typically either license them for a few years with ongoing support revenues or license them on a limited term basis using a subscription hosting or application service provider ( `` asp `` ) model . our goal is to be the leading powerhouse of back-end insurance transactions in the world . during 2018 , combined subscription-based and transaction-based revenues increased by $ 135 million to $ 412 million , while as a percentage of the company 's total revenues increased to 83 % in 2018 , as compared to 76 % 2017. in 2018 subscription based revenues decreased $ 18 million to $ 184 million , and as a percentage of the company 's total revenues decreased to 37 % in 2018 , as compared to 55 % in the year 2017. the company 's technology vision is on the convergence of all processes in a manner such that data can seamlessly flow from entity to entity once an initial data entry has been made . our customers include many of the top insurance and financial sector companies in the world . the insurance and financial markets continue to focus on initiatives to reduce paper-based processes and facilitate improvements in efficiency both at the back-end side and also at the consumer-end side , involving all entities and directly impacts the manner in which insurance and financial products are distributed . management believes that both the insurance and financial industry will continue to experience significant change and increased efficiencies through online exchanges as reduced paper-based processes are becoming increasingly a norm across the world insurance and financial markets . 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 , 31 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 , 2018 , 2017 and 2016 were as follows : replace_table_token_5_th results of operations replace_table_token_6_th twelve months ended december 31 , 2018 and 2017 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 . additionally , through the company 's ebixcash financial exchange portfolio we derive revenue from domestic & international money remittance , foreign exchange ( forex ) , travel , pre-paid & gift 32 cards , utility payments , lending , wealth management , etc . in india and other markets . 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 , 2018 and 2017 . replace_table_token_7_th during the twelve months ended december 31 , 2018 our total revenue increased $ 133.9 million , or 36.8 % , to $ 497.8 million compared to $ 364.0 million in 2017 . the company leverages 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 2018 and 2017 on a pro forma basis , as disclosed in the table in note 4 “ pro forma financial information ” to the enclosed consolidated financial statements , combined pro forma revenues decreased $ 21.5 million or 3.6 % to $ 584.1 million for the year 2018 from the $ 605.6 million of pro forma revenue for the year 2017 , whereas there was a 36.8 % increase in reported revenues for the same comparative periods . the cause for the difference between the 36.8 % increase in reported 2018 revenue versus 2017 revenue , as compared to the 3.6 % decrease in 2018 pro forma versus 2017 pro forma revenue is due to the effect of combining the additional revenue derived from those businesses acquired during the years 2018 and 2017 , specifically pearl , weizmann , lawson , business travels , routier , aha taxis , miles , leisure corp , mercury , indus , smartclass , centrum , transcorp , itzcash , youfirst , wall street , paul merchants , via and bebetter , with the company 's pre-existing operations . the 2018 and 2017 pro forma financial information below assumes that all such business acquisitions were made on january 1 , 2017 , whereas the company 's reported financial statements for 2018 only includes the operating results from the businesses since the effective date that they were acquired by ebix , and thusly includes only eleven months of transcorp , nine months of centrum , nine months of smartclass , six months of indus , six months of mercury , six months of leisure corp , five months of miles , three months of routier , three months of global business travels , three months of aha taxis , one month of pearl , one month of weizmann and one month of lawson . story_separator_special_tag the valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction . effective december 1 , 2018 ebix acquired the assets of india based pearl , a provider of a comprehensive range of b2b and b2c travel services under the brand name ‘ sastiticket ' , ranging from domestic and international ticketing , incentives travel , 39 leisure products , luxury holidays , and travel documentation for $ 3.4 million and same has been integrated with ebix travels ' operations , which has brought in operational synergies and certain redundancies for the acquired operations . the valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction . effective december 1 , 2018 ebix acquired india based lawson , a b2b provider of travel services and international ticketing , for $ 2.7 million and same has been integrated with ebix travels ' operations to bring in operational synergies and wider country wide footprint . the valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction . effective october 1 , 2018 ebix acquired a 70 % stake in india based aha taxis , a platform for on-demand inter-city cabs in india for $ 310 thousand . aha taxis focuses its attention on corporate and consumer inter-city travel primarily , with a network of thousands of registered aha taxis . effective october 1 , 2018 ebix acquired a 67 % stake in india based routier , a marketplace for trucking logistics for $ 413 thousand . effective october 1 , 2018 ebix acquired the assets of india based business travels to for $ 1.1 million and same has been integrated with ebix travels ' operations to expand the wholesale travel and consolidation business .. the valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction . effective august 1 , 2018 ebix entered into an agreement to acquire india based miles , a provider of on-demand software on wealth and asset management to banks , asset managers and wealth management firms , for approximately $ 18.3 million , plus possible future contingent earn-out payments of up to $ 8.3 million based on earned revenues over the subsequent twenty-four month period following the effective date of the acquisition .. effective july 1 , 2018 ebix entered into an agreement to acquire india based leisure for approximately $ 2.1 million , with the goal of creating a new travel division to focus on a niche segment of the travel market . the valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction . effective july 1 , 2018 ebix entered into an agreement to acquire india based mercury travels for approximately $ 13.2 million , with the goal of creating a new travel division to focus on a niche segment of the travel market . mercury 's forex business has been integrated into ebixcash 's existing forex exchange business . the valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction . effective july 1 , 2018 ebix entered into an agreement to acquire india based indus , a global provider of enterprise lending software solutions to financial institutions , captive auto finance and telecom companies , for approximately $ 22.9 million plus possible future contingent earn-out payments of up to $ 5.0 million based on earned revenues over the subsequent twenty-four month period following the effective date of the acquisition . effective april 1 , 2018 ebix entered into an agreement to acquire india based centrum , a leader in india 's foreign exchange operations markets for approximately $ 179.5 million . this acquisition was completed in june 2018. subsequently , centrum has been renamed as ebixcash world money and has been tightly integrated into ebix 's financial exchange ‘ ebixcash ' offerings in india and abroad , with key business executives of foreign exchange operations becoming an integral part of the combined ebixcash senior leadership . effective april 1 , 2018 ebix entered into an agreement to acquire a 60 % stake in india based smartclass , a leading e-learning company engaged in the business of education services , development of education products , and implementation of education solutions for k-12 schools schools through its e-learning venture . under the terms of the agreement ebix paid $ 8.6 million in cash for its stake in smartclass . effective february 1 , 2018 ebix acquired the mtss business of transcorp , for upfront cash consideration in the amount of $ 7.25 million , of which $ 6.55 million was funded with cash and $ 700 thousand assumed in liabilities . mtss operations of transcorp has been consolidated with ebixcash 's mtss operations resulting in operational synergies and certain redundancies to the combined operation . 40 during the year ended december 31 , 2017 the company completed six business acquisitions , as follows : effective november 1 , 2017 ebix acquired via , a recognized leader in the travel space in india and an omni-channel online travel and assisted e-commerce exchange exchange with presence in india , middle east and south east asia . ebix acquired via for upfront cash consideration in the amount $ 78.8 million plus possible future contingent payments of up to $ 2.3 million based on any potential claims made by tax authorities over the subsequent twelve month period following

liquidity and capital resources our principal sources of liquidity are the cash flows provided by our operating activities , our commercial bank credit facility , and cash and cash equivalents on hand . we intend to continue 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 repurchase shares of our common stock if and as market and operating conditions warrant . 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 , although any projections of future cash needs , cash flows , and the general market conditions for credit and equity securities is 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 will be available in amounts or on terms acceptable to us , if at all . we regularly evaluate our liquidity requirements , including the need for additional debt or equity offerings , when considering potential business acquisitions , or the development of new products or services .


 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.
     ```liquidity and capital resources our principal sources of liquidity are the cash flows provided by our operating activities , our commercial bank credit facility , and cash and cash equivalents on hand . we intend to continue 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 repurchase shares of our common stock if and as market and operating conditions warrant . 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 , although any projections of future cash needs , cash flows , and the general market conditions for credit and equity securities is 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 will be available in amounts or on terms acceptable to us , if at all . we regularly evaluate our liquidity requirements , including the need for additional debt or equity offerings , when considering potential business acquisitions , or the development of new products or services .
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 Suspicious Activity Report : through its various saas-based software platforms , ebix employs thousands of domain-specific technology professionals to provide products , support and consultancy to thousands of customers on six continents . ebix provides application software products for the insurance industry including carrier systems , agency systems and exchanges , as well as custom software development . approximately 83 % of the company 's revenues are recurring . rather than license our products in perpetuity , we typically either license them for a few years with ongoing support revenues or license them on a limited term basis using a subscription hosting or application service provider ( `` asp `` ) model . our goal is to be the leading powerhouse of back-end insurance transactions in the world . during 2018 , combined subscription-based and transaction-based revenues increased by $ 135 million to $ 412 million , while as a percentage of the company 's total revenues increased to 83 % in 2018 , as compared to 76 % 2017. in 2018 subscription based revenues decreased $ 18 million to $ 184 million , and as a percentage of the company 's total revenues decreased to 37 % in 2018 , as compared to 55 % in the year 2017. the company 's technology vision is on the convergence of all processes in a manner such that data can seamlessly flow from entity to entity once an initial data entry has been made . our customers include many of the top insurance and financial sector companies in the world . the insurance and financial markets continue to focus on initiatives to reduce paper-based processes and facilitate improvements in efficiency both at the back-end side and also at the consumer-end side , involving all entities and directly impacts the manner in which insurance and financial products are distributed . management believes that both the insurance and financial industry will continue to experience significant change and increased efficiencies through online exchanges as reduced paper-based processes are becoming increasingly a norm across the world insurance and financial markets . 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 , 31 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 , 2018 , 2017 and 2016 were as follows : replace_table_token_5_th results of operations replace_table_token_6_th twelve months ended december 31 , 2018 and 2017 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 . additionally , through the company 's ebixcash financial exchange portfolio we derive revenue from domestic & international money remittance , foreign exchange ( forex ) , travel , pre-paid & gift 32 cards , utility payments , lending , wealth management , etc . in india and other markets . 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 , 2018 and 2017 . replace_table_token_7_th during the twelve months ended december 31 , 2018 our total revenue increased $ 133.9 million , or 36.8 % , to $ 497.8 million compared to $ 364.0 million in 2017 . the company leverages 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 2018 and 2017 on a pro forma basis , as disclosed in the table in note 4 “ pro forma financial information ” to the enclosed consolidated financial statements , combined pro forma revenues decreased $ 21.5 million or 3.6 % to $ 584.1 million for the year 2018 from the $ 605.6 million of pro forma revenue for the year 2017 , whereas there was a 36.8 % increase in reported revenues for the same comparative periods . the cause for the difference between the 36.8 % increase in reported 2018 revenue versus 2017 revenue , as compared to the 3.6 % decrease in 2018 pro forma versus 2017 pro forma revenue is due to the effect of combining the additional revenue derived from those businesses acquired during the years 2018 and 2017 , specifically pearl , weizmann , lawson , business travels , routier , aha taxis , miles , leisure corp , mercury , indus , smartclass , centrum , transcorp , itzcash , youfirst , wall street , paul merchants , via and bebetter , with the company 's pre-existing operations . the 2018 and 2017 pro forma financial information below assumes that all such business acquisitions were made on january 1 , 2017 , whereas the company 's reported financial statements for 2018 only includes the operating results from the businesses since the effective date that they were acquired by ebix , and thusly includes only eleven months of transcorp , nine months of centrum , nine months of smartclass , six months of indus , six months of mercury , six months of leisure corp , five months of miles , three months of routier , three months of global business travels , three months of aha taxis , one month of pearl , one month of weizmann and one month of lawson . story_separator_special_tag the valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction . effective december 1 , 2018 ebix acquired the assets of india based pearl , a provider of a comprehensive range of b2b and b2c travel services under the brand name ‘ sastiticket ' , ranging from domestic and international ticketing , incentives travel , 39 leisure products , luxury holidays , and travel documentation for $ 3.4 million and same has been integrated with ebix travels ' operations , which has brought in operational synergies and certain redundancies for the acquired operations . the valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction . effective december 1 , 2018 ebix acquired india based lawson , a b2b provider of travel services and international ticketing , for $ 2.7 million and same has been integrated with ebix travels ' operations to bring in operational synergies and wider country wide footprint . the valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction . effective october 1 , 2018 ebix acquired a 70 % stake in india based aha taxis , a platform for on-demand inter-city cabs in india for $ 310 thousand . aha taxis focuses its attention on corporate and consumer inter-city travel primarily , with a network of thousands of registered aha taxis . effective october 1 , 2018 ebix acquired a 67 % stake in india based routier , a marketplace for trucking logistics for $ 413 thousand . effective october 1 , 2018 ebix acquired the assets of india based business travels to for $ 1.1 million and same has been integrated with ebix travels ' operations to expand the wholesale travel and consolidation business .. the valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction . effective august 1 , 2018 ebix entered into an agreement to acquire india based miles , a provider of on-demand software on wealth and asset management to banks , asset managers and wealth management firms , for approximately $ 18.3 million , plus possible future contingent earn-out payments of up to $ 8.3 million based on earned revenues over the subsequent twenty-four month period following the effective date of the acquisition .. effective july 1 , 2018 ebix entered into an agreement to acquire india based leisure for approximately $ 2.1 million , with the goal of creating a new travel division to focus on a niche segment of the travel market . the valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction . effective july 1 , 2018 ebix entered into an agreement to acquire india based mercury travels for approximately $ 13.2 million , with the goal of creating a new travel division to focus on a niche segment of the travel market . mercury 's forex business has been integrated into ebixcash 's existing forex exchange business . the valuation and purchase price allocation remains preliminary and will be finalized as soon as practicable but in no event longer than one year from the effective date of this transaction . effective july 1 , 2018 ebix entered into an agreement to acquire india based indus , a global provider of enterprise lending software solutions to financial institutions , captive auto finance and telecom companies , for approximately $ 22.9 million plus possible future contingent earn-out payments of up to $ 5.0 million based on earned revenues over the subsequent twenty-four month period following the effective date of the acquisition . effective april 1 , 2018 ebix entered into an agreement to acquire india based centrum , a leader in india 's foreign exchange operations markets for approximately $ 179.5 million . this acquisition was completed in june 2018. subsequently , centrum has been renamed as ebixcash world money and has been tightly integrated into ebix 's financial exchange ‘ ebixcash ' offerings in india and abroad , with key business executives of foreign exchange operations becoming an integral part of the combined ebixcash senior leadership . effective april 1 , 2018 ebix entered into an agreement to acquire a 60 % stake in india based smartclass , a leading e-learning company engaged in the business of education services , development of education products , and implementation of education solutions for k-12 schools schools through its e-learning venture . under the terms of the agreement ebix paid $ 8.6 million in cash for its stake in smartclass . effective february 1 , 2018 ebix acquired the mtss business of transcorp , for upfront cash consideration in the amount of $ 7.25 million , of which $ 6.55 million was funded with cash and $ 700 thousand assumed in liabilities . mtss operations of transcorp has been consolidated with ebixcash 's mtss operations resulting in operational synergies and certain redundancies to the combined operation . 40 during the year ended december 31 , 2017 the company completed six business acquisitions , as follows : effective november 1 , 2017 ebix acquired via , a recognized leader in the travel space in india and an omni-channel online travel and assisted e-commerce exchange exchange with presence in india , middle east and south east asia . ebix acquired via for upfront cash consideration in the amount $ 78.8 million plus possible future contingent payments of up to $ 2.3 million based on any potential claims made by tax authorities over the subsequent twelve month period following

