ItzCash parent company, Ebix Inc has acquired luxury travel companies Mercury Travels Ltd and Leisure Corp for $14.2 million (around Rs 95 crore).
The twin deals come almost nine months after US-based software firm Ebix bought Bengaluru-based online-offline travel agency Via.com and will strengthen Ebixs presence in the luxury, events and sports travel segments.
Ebix said in a statement the new combined entity, named Mercury, will be led by Leisure Corp founder Naveen Kundu. Ebix will hold an 85% stake in the new entity while Kundu will own the remaining.
This entity will incorporate Mercury Travels entire corporate, leisure and adventure-related travel businesses with the exception of its foreign exchange business, Leisure Corps entire sports and events-related travel business and Via.coms events based travel business.
Mumbai-based Mercurys foreign exchange business will be integrated into EbixCashs existing CDL Forex exchange business, the company said. The CDL Forex business refers to Ebixs purchase of Centrum Direct Ltd, the foreign exchange services arm of Centrum Capital Ltd, for $175 million (Rs 1,140 crore) in April.
Between this Mercury initiative and our existing Via.com travel initiative, EbixCash (formerly ItzCash) is now uniquely positioned as a financial exchange that has end-to-end travel solutions for all sections of the society, Ebix chairman, president and chief executive Robin Raina said in the statement.
The two acquisitions will generate employment opportunities from Ebix in India by around 400 employees to 7,600 employees.
Mercury Travels was incorporated in 1948 as an Oberoi hotel group company. It has 20 branches across 16 cities in India and 350 employees. Delhi-based Leisure Corp began operations in 1997.