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
November 20, 2018
Through this investment, BillDesk will develop new product lines for its payments and loyalty busine ...More
By Vaishnavi Gupta
November 19, 2018
Ananth Narayanan, Chief Executive Officer of Myntra, will continue to lead the team. ...More
By Vaishnavi Gupta
November 16, 2018
This acquisition will help FarEye to reinforced its growth plans to solve challenges for long-haul a ...More
By Vaishnavi Gupta
November 14, 2018
True North has acquired a 75% stake in Shree Digvijay Cement Company Ltd from Brazil-based Votoranti ...More
By Vaishnavi Gupta
November 13, 2018
The investment is made by the firm to boost its capabilities to deliver tech solutions that will hel ...More
By Vaishnavi Gupta
November 12, 2018
With this acquisition, Mphasis will increase its end-to-end capabilities in the public cloud domain, ...More
By Vaishnavi Gupta
November 12, 2018
This acquisition will help Mumbai-listed AGC to add over $600 million in annual revenue and about 3, ...More
By Vaishnavi Gupta
November 09, 2018
The acquisition is in line with the company's strategy to boost the value for its stakeholders throu ...More
By Vaishnavi Gupta
November 03, 2018
Viithiisys, with this acquisition, will expand its product portfolio and list of clients. ...More
By Vaishnavi Gupta
November 02, 2018
Post acquisition, W12 Studios will be a part of TCS Interactive, the digital division of the IT serv ...More
By Vaishnavi Gupta
November 01, 2018
The fresh funds will be used by Turms to expand its product categories, hire tech talent and launch ...More
By Vaishnavi Gupta
October 31, 2018
The funds raised will be used by Duroflex to expand to new markets across India. ...More
By Vaishnavi Gupta