your password has been reset successfully, Please login again.

Ebix set to acquire Goldman Securities

Ebix Inc. which operates ItzCash has shown interest in buying Goldman Securities Ltd for $7.4 million.
BY BEx Bureau
BusinessEx
Aug 18, 2017

The company plans to buy BSE-listed Wall Street Finance Ltd subsidiary Goldman securities as well as its money transfer service scheme (MTSS) division.

Ebix Inc. CEO Robin Raina said, We are focused on establishing Ebix as a leader in the Financial Exchange markets in India. This acquisition will not only expand our reach in the country but will establish Ebix as a key player in the international remittance exchange markets.

The acquisition of these MTSS inward remittance assets, which control around 10% of the market, would strengthen Ebixs position in the financial exchange market in India, company said in a statement.

The company will add 10 branches and more than 9,000 sub-agents of Wall Street Finance after the transaction completes. Ebix has also acquired ItzCash in 2006 which helped the company to create an additional database of 75,000 retail outlets.

The deal will be finalized after shareholders approval.

Please add your Comment
SIMILAR News
July 17, 2018
As part of the partnership, Walmart and Microsoft engineers will collaborate to migrate a significan ...More
By Shah Mohsin
July 17, 2018
The Mumbai-based startup was launched in 2013 as a social network for conversations and later tweake ...More
By Shah Mohsin
July 17, 2018
PE firm India Equity Partners holds a stake of around 98% stake in Spoton Logistics while the compan ...More
By Shah Mohsin
July 17, 2018
The latest funding has been routed through Singapore-based Amazon Corporate Holdings and Mauritius-b ...More
By Shah Mohsin
July 16, 2018
Phonepe which is one of the biggest players in the UPI payment space, has been steadily building up ...More
By Shah Mohsin
July 16, 2018
Dalmia Bharat had been adamant on its acquisition plan for Binani Cement, which would have opened an ...More
By Shah Mohsin
July 16, 2018
LIC owned about 8 percent of IDBI Bank as of end-June, while the federal government owned 86 percent ...More
By Shah Mohsin
July 16, 2018
The Mumbai-based venture capital firm has more than 40% of its portfolio companies in the B2B segmen ...More
By Shah Mohsin
July 16, 2018
The investors who participated in the round include Anupam Mittal, CEO at People Group, the parent o ...More
By Shah Mohsin
July 13, 2018
The American software giant is already offering its Azure platform to electric mobility players acro ...More
By Shah Mohsin
July 13, 2018
The Series A funding will also be used to expand the team and bring on board experienced talent in t ...More
By Shah Mohsin
July 13, 2018
With this, the company has raised a total $12 million until now. ...More
By Shah Mohsin