Software and e-commerce offerings company Ebix has agreed to acquire Miles Software, an Indian wealth and asset management software program firm, in a deal worth around $19m.
The transaction also consists of an additional contingent earn-out of $8.5m to be paid after years.
Miles, established in 1999, offers wealth, portfolio, asset, custody, collateral and loan management, business enterprise cloud-primarily based investment management, and funding compliance solutions.
The software program company has more than 300 clients in 18 nations of Europe, the Middle East, and South-East Asia. It generated $8m and profits before interest, tax, depreciation, and amortization of around 8% in the final 12 months.
Miles becomes the investment, wealth, and asset control division of Ebix following the purchase.
Ebix chairman, president, and CEO Robin Raina stated: “Miles’s wealth management, asset control, collateral-based totally lending control and custody businesses complement Ebix’s present services to financial establishments, Banks, asset managers and wealth managers the world over. It additionally opens up go promoting opportunities for Ebix solutions to Miles’s purchaser base in 18 nations.
“The addition of Miles to our EbixCash portfolio no longer handiest makes our economic exchange offering even greater complete, however also presents us with a senior control team this is confirmed and relatively reputable within the enterprise.”
Ebix expects the deal to add to its income right away and finance the deal using its present liquidity.
All key Miles executives, including the firm’s founder Milan Ganatra, may be retained as a part of the deal. Ganatra will join the senior management crew of EbixCash in India.
“With 7,500+ personnel servicing customers in India, Ebix offers us truly thrilling enlargement possibilities. Ebix’s expanse internationally and greater mainly in North America, Australia, UK, and Brazil has the potential of beginning up vast new opportunities for our products, as we interface them to Ebix CRM and different Exchange answers in these markets” Ganatra referred to.
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