your password has been reset successfully, Please login again.

Ebix snaps up Indus Software for $29 million

Ebix has driven this acquisition with the borader plan to enter peer to peer lending through web, e-wallets and mobile phones.
BY BEx Bureau
BusinessEx
Jul 23, 2018

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.

Please add your Comment
SIMILAR News
February 15, 2019
At present, tech companies are concentrating on improving the customer experience. ...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 12, 2019
CAPA foresees that the Indian airlines will cut accumulative losses up to $700 million in FY19. ...More
By Jaspreet Kaur
February 12, 2019
Reliance Home Finance has released its Q3 report and proclaims to earn INR 55 crore following tax de ...More
By Jaspreet Kaur
February 11, 2019
The automotive company shared Q3 reports Financial Year 2018 on Monday. ...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 09, 2019
Delhi High Court has banished plea for regulating content on Netflix and Amazon Prime. ...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 08, 2019
IT cancellations of Tata Trusts’ license may shift Venkat to a new position. ...More
By Jaspreet Kaur
February 07, 2019
RBI cut on repo rate results surge in realty stocks, auto and bank. ...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