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
March 22, 2019
Through the current pricing, the company anticipates to garner capital up to INR 25,000 crore ...More
By Jaspreet Kaur
March 13, 2019
The decision has been taken considering the succession planning idea and owing to which, Rahul Bajaj ...More
By Jaspreet Kaur
March 08, 2019
Suven Life said that the company would be procuring assets through its partnered company, Shore Suve ...More
By Jaspreet Kaur
February 26, 2019
Gautam Thapar, leading CG Power and Industrial solutions, was in talks of selling stakes in the orga ...More
By Jaspreet Kaur
February 21, 2019
DCC, on Thursday, held a meeting to discuss the revival plan of BSNL and MTNL. ...More
By Jaspreet Kaur
February 15, 2019
Stocks of Bharti Infratel are trading high in afternoon NSE index. ...More
By Jaspreet Kaur
February 14, 2019
On Thursday, Nikkei slashed 0.02 per cent at 21,139.71. ...More
By Jaspreet Kaur
February 13, 2019
Ramapai is a veteran in the industry and carries up to 24 years of experience. ...More
By Jaspreet Kaur
February 11, 2019
German bank and financial services company, Deutsche bank makes the largest infusion in the country ...More
By Jaspreet Kaur
February 08, 2019
Sobha has earned a consolidated net profit INR 69.8 crore as per Q4 FY18 ...More
By Jaspreet Kaur
February 07, 2019
MPC’s decision has begotten positive impact on rupee as well as bond yields. ...More
By Jaspreet Kaur
February 06, 2019
E-commerce retailers seek reshuffling a tool to not flout the amended FDI laws. ...More
By Jaspreet Kaur