Ebix has completed the acquisition of the Money Transfer Service Scheme Business of YouFirst Money Express Private Limited
OREANDA-NEWS. 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 Ebix’s ItzCash financial exchange, the three MTSS business acquisitions increase that distribution reach substantially to over 114,000 outlets across the country. Ebix’s ItzCash service is already the largest domestic remittance exchange in India with domestic remittance volume of approximately $100 million per month.
Ebix’s 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.
An Ebix Group Company now, ItzCash Card Ltd., India’s 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.
SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS
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.
The information contained in this Press Release contains forward-looking statements and information within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. This information includes assumptions made by, and information currently available to management, including statements regarding future economic performance and financial condition, liquidity and capital resources, acceptance of the Company's products by the market, and management's plans and objectives. In addition, certain statements included in this and our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us or with our approval, which are not statements of historical fact, are forward-looking statements. Words such as "may," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "seeks," "plan," "project," "continue," "predict," "will," "should," and other words or expressions of similar meaning are intended by the Company to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are found at various places throughout this report and in the documents incorporated herein by reference. These statements are based on our current expectations about future events or results and information that is currently available to us, involve assumptions, risks, and uncertainties, and speak only as of the date on which such statements are made.