Ebix Completes Acquisition of Two Inward International Remittance Businesses in India
JOHNS CREEK, Ga., Oct. 12, 2017 (GLOBE NEWSWIRE) Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, today announced that it has completed the acquisition of the Money Transfer Service Scheme (MTSS) Business of YouFirst Money Express Private Limited, and the acquisition of the MTSS assets of Wall Street Finance Limited.
The acquisition of the MTSS Business of Wall Street Finance Limited (BSE:WSFIN) along with the acquisition of its subsidiary company Goldman Securities Limited, was completed once the shareholder approvals and other requisite approvals had been secured. The acquisition was announced by Ebix on 17th August 2017.
The acquisition of the MTSS business of YouFirst Money Express Private Limited was completed also following YouFirst securing the requisite approvals for the closing. The acquisition was announced by Ebix on 21st August 2017.
Ebix also announced the acquisition of the MTSS Business of Paul Merchants Limited (BSE:PML) on 21st September 2017. The agreement while approved by the Paul Merchants Board, is subject to its shareholders and other regulatory/commercial approvals. The completion of the acquisition is expected by 15th November 2017.
Ebix intends to consolidate all these acquisitions into its Financial Exchange operations bringing significant synergies and redundancies to the combined operation. With 75,000+physical retail outlets for Ebixs ItzCash financial exchange, the three MTSS business acquisitions increase that distribution reach substantially to over 114,000 outlets across the country. Ebixs ItzCash service is already the largest domestic remittance exchange in India with domestic remittance volume of approximately $100 million per month.
Ebixs ItzCash exchange is a recognized leader in prepaid cards, domestic remittances and bill payments, processing approximately 600,000 transactions per day and approximately $2 Billion in annual payment volume.
Each of these acquisitions is expected to be accretive to Ebix earnings. The Company funded all the transactions using its internal cash reserves.
About Ebix, Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, Ebix, Inc. provides end-to-end on-Demand solutions ranging from infrastructure exchanges, front end & back end enterprise systems, outsourced administrative & custom software development solutions, and risk compliance solutions for various entities involved in these industries.
With 40+ offices across Australia, Brazil, Canada, India, New Zealand, Singapore, the US and the UK, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums annually on its platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of domain specific business and technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Companys website at www.ebix.com
An Ebix Group Company now, ItzCash Card Ltd., Indias leading Digital Payments fintech was established in 2006. A pioneer in the prepaid payments in India, ItzCash initiated the concept of digital cash to the Indian consumer and various business entities, heralding the beginning towards enabling a cashless transacting society. ItzCash continues to build on its innovation augmenting its product portfolio offering wide choice of payments and money transfer service having issued 110 million accounts to date. It constantly invests in upgrading technology towards creating world?class Omni-channel payments platforms for the emerging India. ItzCash has presence across consumer segments serving 35 million consumers annually and over 94,000 franchisees in 3500+ cities and towns. For further details, visit www.itzcash.com<
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As used herein, the terms Ebix, the Company, we, our and us refer to Ebix, Inc., a Delaware corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Ebix, Inc.
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Christopher Eddy or David Collins
Catalyst Global - 212-924-9800 or email@example.com