After the purchase, Miles Software will serve as Ebix’s funding, wealth, and asset management division
As a part of the deal, all key business executives of Miles Software have been retained via Ebix
Miles Software will be able to leverage Ebix’s presence in North America, Australia, the United Kingdom, and Brazil to promote its merchandise
Ebix Inc Acquires Miles Software Through EbixCash
EbixCash, the Indian subsidiary of Ebix Inc, a global supplier of the on-demand software program and e-commerce services, has signed a settlement to gather Mumbai-primarily based Miles Software for about $19 Mn. The deal will even consist of an extra contingent earn-out of as much as $8.Five Mn, payable after years.
Founded in 1999 via Milan Ganatra, Dhawal Kamath, and Himanshu Siria, Miles Software develops wealth, asset, portfolio, and investment control software. The employer has shoppers throughout leading private banking institutions, asset control businesses, brokerage companies, accept as true with banks, wealth advisors, monetary institutions, and family offices.
“The addition of Miles to our EbixCash portfolio now not most effective makes our monetary alternate offering even extra complete but also gives us with a senior control team that is demonstrated and extraordinarily respected inside the enterprise,” stated Robin Raina, chairman, and CEO of Ebix.
“I sit up for operating with Milan in supporting him expand the Miles footprint to the USA, Australia, and Brazil even as utilizing our area targeted sales and relationship-orientated oldsters in these markets,” he brought.
Ebix: Plans With The Acquisition
After the purchase, Miles Software will function Ebix’s investment, wealth, and asset management department with its merchandise being interfaced throughout each EbixCash monetary exchanges and EbixExchange insurance exchanges.
As a part of the deal, all key commercial enterprise executives of Miles Software were retained via Ebix. Further, Miles Software’s founder Milan Ganatra and his crew were entrusted with the undertaking of leading Ebix’s global efforts.
Ganatra may also turn out to be a key member of the EbixCash senior management group in India and wall paintings with a more advantageous cognizance on the worldwide rapid-developing wealth and asset control industry.
Ebix claims that the purchase will help it enhance its income as quickly as the purchase is completely integrated over the subsequent six months.
Milan Ganatra, founder and CEO of Miles Software, said, “With over 7,500 personnel servicing clients in India, Ebix gives us growth possibilities which are genuinely thrilling. Ebix’s expanse internationally and, more mainly, in North America, Australia, the United Kingdom, and Brazil has the capacity of commencing up large new opportunities for our merchandise, as we interface them to Ebix CRM and different Exchange solutions in these markets.”
Ebix’s Increasing Portfolio
Lately, Ebix Inc has been doubling down on its aggressive acquisition strategy in India and turned into inside the information for planning to invest another $500 Mn in acquisitions, after having carried out eleven acquisitions in 14 months for $500 Mn.
In the remaining seven months, Ebix has obtained Money Transfer Service Scheme (MTSS) enterprise of Transcorp International, learning enterprise Smart class, cash change platform Centrum Direct, financial software program provider Indus Software, and journey services ventures Mercury Travels and Leisure Corp.
Ebix’s recent joint project initiative with the Bombay Stock Exchange additionally positions it as a gateway for insurance vendors to promote coverage to India’s vast population via EbixCash’s “tens of hundreds” of “phygital” stores across us of a.
Last year, Ebix had received an 80% stake in ItzCash in May 2017. The investment, which changed into carried out at a valuation of $150 Mn, allowed Ebix to assume majority shareholder popularity in ItzCash.
The addition of the Miles asset management, portfolio control, custodian services, and collateral primarily based lending management to the EbixCash portfolio will help in strengthening Ebix’s leadership in India’s Financial Exchange markets.
Ebix Inc is in competition with gamers which include Accenture, an investment preserving employer; StoneRiver, a coverage software enterprise; iPipeline, an on-call for service company; and Aplifi, a developer of software program solutions among others.