India: Ebix acquires money transfer business from Transcorp for $7.4m

Photo: Reuters

U.S.-based software and services company Ebix, Inc. on Thursday entered into an agreement to acquire the Money Transfer Service Scheme (MTSS) business of India’s Transcorp International Ltd for about $7.4 million through one of its Indian subsidiaries.

The acquisition once approved, is expected to be accretive to Ebix earnings immediately. The company would fund the transaction using its internal cash reserves, it said in a statement.

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