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.