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
January 23, 2019
Namrata Kaul and Srinivasan Sridhar are new directors of Chennai-based company, Vivriti Capital. ...More
By Jaspreet Kaur
January 23, 2019
Owing to the change in IL & FS management’s stance, Crisil reduces NCD of IL &FS. ...More
By Jaspreet Kaur
January 16, 2019
Commerce and Industry Ministry has exempted taxes on startups, who actively looking for angel invest ...More
By Jaspreet Kaur
January 10, 2019
DBS, Singapore banking group informs that the country has fallen short to attain the decided annual ...More
By Jaspreet Kaur
January 10, 2019
Honda Cars India, launched a new variant model of City, which comprises appealing features. ...More
By Jaspreet Kaur
January 02, 2019
Owing to the sluggish market in America and China, Hyundai heir decides to restructure the automobil ...More
By Jaspreet Kaur
November 19, 2018
Ananth Narayanan, Chief Executive Officer of Myntra, will continue to lead the team. ...More
By Vaishnavi Gupta
November 16, 2018
This acquisition will help FarEye to reinforced its growth plans to solve challenges for long-haul a ...More
By Vaishnavi Gupta
November 14, 2018
True North has acquired a 75% stake in Shree Digvijay Cement Company Ltd from Brazil-based Votoranti ...More
By Vaishnavi Gupta
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