your password has been reset successfully, Please login again.

Ebix Inc acquires Miles Software for about $19 million

Miles Software provides wealth and asset management on-demand software to banks, asset managers and wealth management firms.
BY BEx Bureau
BusinessEx
Sep 05, 2018

Ebix Inc. has acquired Mumbai-based Miles Software Solutions Pvt. Ltd for about $19 million. The transaction involves an additional contingent earn-out of up to $8.5 million payable after two years.

Miles Software offers wealth and asset management on-demand software to banks, asset managers and wealth management firms. The company has over 300 financial service customers across 18 different countries.

Ebix is a US-listed supplier of on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries.

After the acquisition, Miles Software will be serving as Ebixs investment, wealth, and asset management division.

As part of the deal, all key business executives of Miles Software have been retained by Ebix. Further, Miles Softwares founder Milan Ganatra and his team have been entrusted with the task of leading Ebixs global efforts

Milan Ganatra, Founder and CEO of Miles Software said, With 7,500+ employees servicing clients in India, Ebix offers us expansion possibilities that are truly exciting. Ebixs expanse across the world and more specifically in North America, Australia, UK and Brazil has the potential of opening up immense new opportunities for our products, as we interface them to Ebix CRM and other Exchange solutions in these markets.

Robin Raina, Ebixs Chairman, President and CEO, said, Miless wealth management, asset management, collateral-based lending management and custody businesses complement Ebixs existing offerings to financial institutions, Banks, asset managers and wealth managers across the world. It also opens up cross-selling opportunities for Ebix solutions to Miless customer base in 18 countries.

Please add your Comment
SIMILAR News
November 12, 2018
With this acquisition, Mphasis will increase its end-to-end capabilities in the public cloud domain, ...More
By Vaishnavi Gupta
November 12, 2018
This acquisition will help Mumbai-listed AGC to add over $600 million in annual revenue and about 3, ...More
By Vaishnavi Gupta
November 09, 2018
The acquisition is in line with the company's strategy to boost the value for its stakeholders throu ...More
By Vaishnavi Gupta
November 03, 2018
Viithiisys, with this acquisition, will expand its product portfolio and list of clients. ...More
By Vaishnavi Gupta
November 02, 2018
Post acquisition, W12 Studios will be a part of TCS Interactive, the digital division of the IT serv ...More
By Vaishnavi Gupta
October 30, 2018
With this deal, ZipGo will become the country's largest technology-driven, business-to-customer bus ...More
By Vaishnavi Gupta
October 29, 2018
For acquiring Red Hat, IBM will pay $190 per share in cash. ...More
By Vaishnavi Gupta
October 26, 2018
After the acquisition, Bluecore will expand its footprint in the Indian e-commerce market by establi ...More
By Vaishnavi Gupta
October 25, 2018
This is Dorco's first investment in Indian men's and women's grooming product range startup. ...More
By Vaishnavi Gupta
October 24, 2018
Founded by Ankur Dahiya and Adwait Vikram Singh, Routier is a cloud based technology to change the w ...More
By Vaishnavi Gupta
October 19, 2018
With this acquisition, IIFL Wealth will increase its client base, and will expand its portfolio mana ...More
By Vaishnavi Gupta
October 18, 2018
This is the second acquisition of InMobi in 2018, after it bought AerServ in January for $90 million ...More
By Vaishnavi Gupta