Ebix plans to integrate the software solutions of Indus into its global product offerings along with its business executives who will join EbixCash in India. The employee count of the Mumbai based EbixCash will go up by 900 to reach 7200 after the acquisition.
Founded in 1990 Indus offers technology solutions for banking and finance along with the telecom and insurance industry. It has its products implemented across 50 countries, but the company derives 56% of its revenues from its India business.
In a note to the press, Ebix said that the entire investment was funded by Ebix through its internal cash reserves and it did not use the service of any investment banker for the process. KeyBanc Capital Markets Inc. served as the exclusive financial advisors to Indus Software and its principal owners Black Dragon Capital.
Ebix has driven this acquisition with the borader plan to enter peer to peer lending through web, e-wallets and mobile phones, while also powering ability of Ebix Cash outlets to borrow to expand their scope of work.
"Indus provides us now with the ability to interface a Person to Person (P2P) lending exchange into the back-end systems of top lenders in the market place. This will also allow Indus clients to access the more than 2.6 lakh physical distribution expanse of EbixCash, along with our strong corporate and electronic network, said Robin Raina, chairman, Ebix.
Indus will also help EbixCash network being expanded globally across international customer base across Europe, Middle East and South East Asia.
Among its clients Indus counts banks like Standard Chartered Bank, Societe Generale, Canara Bank, Kotak Mahindra Bank, Doha Bank, United Arab Bank, Dubai First Bank, IDFC Bank then insurance clients like HDFC Life, Kotak Life insurance and Exide Life insurance among many others.