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.