If I were Raina, I would be talking to private equity to take it private and be part of the deal. Private equity like so called roll-ups. Gotham makes it sound sordid and illegal. Actually there's been many successful companies who consolidated companies within their industries including Waste Management, AutoNation, and Service Corporation International, a funeral home company that Peter Lynch highlighted in his book.
The only thing about a takeover is that Raina is so entwined in the operation and success of the company that he would have to be agreeable to continuing with the company after a takeover. Who knows what his thoughts would be on such an arrangement??? I have a lot of confidence in his ability but it is something
Wipro is on top of the list of the companies that might buy EBIX. Raina's Indian connections, Wipro push into accute care data management just a few days ago and their intent to move some offices to Atlanta, GA.
Do the following Google search and you will see the database and application server vendor I think might be interested in EBIX, especially after SAP's recent purchase. Google search: ebix database application server