JOHNS CREEK, Ga., Jan. 02, 2018 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, today announced that it has completed the acquisition of the Money Transfer Service Scheme (MTSS) Business of Paul Merchants Limited (BSE:PML) and Via.com, an Omni-channel online travel and assisted e-commerce exchange. The acquisition of Paul Merchants Inward Remittance Exchange and the Via.com travel exchange were announced through press releases dated Sep. 21st 2017 and October 31st 2017 respectively.
Ebix also announced that it has ended its bid to form a strategic consulting joint venture with Vara Tech's subsidiary Vara United Private Limited (VARA), since certain specific closing conditions required in the contract were not met by the stipulated closing date. Both sides mutually decided not to pursue the transaction any further.
With a market share of almost 35% percent of Western Union's inward remittance flows in India, Paul Merchants is the largest international remittance player in India. This is Ebix’s third remittance acquisition, following the announcement of the acquisition of YouFirst Money Express Private Limited and the asset purchase of Wall Street Finance Limited. Ebix has consolidated all these acquisitions into its Financial Exchange operations bringing significant synergies and reducing redundancies to the combined operation.
The acquisition of the PML MTSS Business, which controls the largest share of the market, would further strengthen Ebix’s position in the Financial Exchange market in India, following its acquisition of ItzCash in May 2017. The addition of this international capability significantly expands upon Ebix’s overall participation in India’s remittance channels, and will allow Ebix’s financial exchange to remit money sent from abroad through Western Union, Ria, Moneygram or Express Money.
Via is recognized as a leader in the travel space in India, besides being the only profitable Travel exchange out of all its peers, while having grown at a CAGR of 45% over the last 3 years. One of South East Asia’s leading travel exchanges with over 110,000 distribution outlets and 8,000 corporate clients, Via processes over 24.5 million transactions every year. The Company’s integrated online platform offers mobile Phone Recharges, Money Transfer, Insurance, Prepaid Gift Cards & Retail Products, besides Domestic & International Air, Hotel & Holidays, Rail, Bus and Rental Car bookings. Via’s multi-channel exchange also engages directly with consumers through its B2C website and mobile application platforms.
The Via distribution network encompasses over 85,000 agents in India, 14,700 agents in Indonesia, 9,900 agents in Philippines, 600 agents in Singapore and 350 agents in UAE and Oman. Besides being one of the leaders in the space in India, the Company has also emerged as the largest travel solutions provider in the Philippines. With a hotel inventory of over 500,000 hotels and one of the largest ticketing platforms expanding across corporates and distribution outlets, Via has a significant share of the domestic & international airline ticketing business. Via has more than 5% share in both domestic & international airline ticketing in India, 10% in Philippines, 2.7% in Indonesia, 2.1% in Singapore. The Company’s B2C operations in Thailand, Hong Kong and Saudi Arabia are also gaining traction. The Via distribution network also handles a wide variety of financial transactions including mobile recharges, money transfer, insurance, and prepaid cards, etc.
The Completion of these two acquisitions expands Ebix’s distribution network to over 224,000 distribution outlets in the South East of Asia, besides offering significant cross selling opportunities for Ebix’s EbixCash Financial Exchange portfolio of products. Ebix’s EbixCash service is already the largest domestic remittance exchange in India with domestic remittance volume of approximately $100 million per month.
About Ebix Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, Ebix, Inc. provides end-to-end on-Demand solutions ranging from infrastructure exchanges, front end & back end enterprise systems, outsourced administrative & custom software development solutions, and risk compliance solutions for various entities involved in these industries.
With 45+ offices across Australia, Brazil, Canada, India, New Zealand, Singapore, the US and the UK, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums annually on its platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of domain specific business and technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
An Ebix Group initiative, EbixCash is emerging as one of the leading Financial Exchanges in India. With a ‘Phygital” strategy that combines 224,000 physical distribution outlets to a Omni-channel online digital platform, EbixCash has established an enterprise financial exchange portfolio that encompasses leadership in money remittance (domestic & international), travel, pre-paid & gift cards, utility payments etc. Ebix’s recent joint venture initiative with the Bombay Stock Exchange positions it strongly in India’s insurance sector. EbixCash’s portfolio of products can be accessed digitally anywhere as also across its distribution outlets spread over 5,500+ cities and towns. For further details, visit www.ebixcash.com