The acquisition of Via expands on Ebix’ distribution network to over 224,000 in South East of Asia, besides offering significant cross selling opportunities for EbixCash Financial Exchange portfolio of products.
“I believe that the addition of Via’s integrated platform into our rapidly growing EbixCash financial exchange, places us in a very strong position to implement our vision related to Financial Exchanges in the South East of Asia,” said Ebix Chairman, President and CEO Robin Raina.
“This allows us tremendous cross-selling opportunities through each other’s distribution networks as our product portfolio is complementary and a perfect fit for each of our distribution outlets and corporate clients,” he added.
The acquisition, which is scheduled to close over the next few days, is expected to be accretive to Ebix earnings immediately.
This marks Ebix’s fifth acquisition in the country since its India foray in May, when it acquired majority stake in Indian payments platform Itzcash for $120 million.
In September, Ebix acquired the money transfer business of Paul Merchants Ltd for $40.7 million.
In August, the US firm had agreed to acquire the money transfer service scheme (MTSS) business of YouFirst Money Express Pvt. Ltd. In the same month, it announced that it would be acquiring the MTSS assets of Wall Street Finance Ltd, along with its unit Goldman Securities Ltd.
In a recent interview to Mint, Robin Raina, chief executive of Ebix Inc. said the company was planning to spend an additional $200 million for acquisitions in India. He expressed his keenness to acquire companies in newer segments such as travel and lending.
Via.com, operated by Flightraja Travels Pvt. Ltd, was founded in 2007 by Vinay Gupta and Amit Aggarwal. It is a distributor of transportation ticketing, accommodation reservation, packaged tours, corporate travel management, travel ancillaries, retail and financial services.
According to the company statement, acquisition of the omni-channel business would further strengthen Ebix’ position in the financial exchange market in India . “Travel transactions can be one of the key areas of any leading financial exchange, with an estimated user base of 600 million in India alone,” it said.
It was recently reported that Paytm, operated by One97 Communications Pvt Ltd, was in talks to acquire online travel firm Via.com, at a valuation of up to $80 million.