NASDAQ-listed Ebix, Inc. a leading international supplier of on-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries on Wednesday announced that one of its subsidiaries in India has acquired an 80% controlling stake in New Delhi ,India based Zillious Solutions Private Limited for an undisclosed amount.
Founded in 2008, by Harsh Azad and Rohit Gaddi, Zillious is an on-demand SaaS travel technology solution, with market leadership in the corporate travel segment in India. The Zillious Exchange processes over 8 Million travel bookings annually, which conducting Gross Merchandise value of approximately $1.4 billion per annum.
Ebix is funding the transaction in cash, using its internal cash reserves. The acquisition is expected to be accretive to Ebix earnings immediately.
Ebix intends to keep Zillious as a non-aligned technology platform, that it intends to promote internationally in key markets like the Middle East, US and Asia besides further establishing it as a pure-play on-demand travel technology exchange within India. Towards that extent, Ebix has retained both the Promoter founders of Zillious – Harsh Azad and Rohit Gaddi along with all their domain intensive staff, while empowering them to continue to lead Zillious in its mission of non-aligned technology play. Accordingly, the Zillious platform will continued to be offered to the entire travel industry with a glass wall protection for the client base.
Zillious is a pure-play on-demand technology initiative to enable end-to-end technology needs of travel management companies (TMCs), travel agents and OTAs in the travel industry. The Company is a market Leader in the Indian Corporate Travel technology space, serving 7 out of top 10 TMCs. The Company prides itself on its non-aligned infrastructure play positioning in the markets enabling the functional travel solution of leading diverse competitors in the travel industry in the country.
In last 15 months, Ebix has acquired 12 companies in the Indian financial space, investing a little over $500 million (Rs 36.2 billion), in areas as varied as foreign exchange providers to a prepaid wallet card.
In October, one of India subsidiaries of Ebix, EbixCash, had acquired a 67% stake in Routier, a Delhi-based B2B Marketplace for Trucking Logistics. Routier isRoutier is a cloud-based, data driven and tech-enabled logistic solutions provider to change the way people move and receive inland goods in India.
In May 2017, Ebix had invested approximately Rs. 800 crores in acquiring a 80% stake in ItzCash, India’s Leading payment solutions Exchange .
In September of same year, Ebix acquired the Money Transfer Service Scheme (MTSS) Business of Paul Merchants Limited for $40.7 million approx. through its Indian affiliate. Paul Merchants Inward Remittance Exchange Encompasses 20,000+ Distribution Outlets, 165+ Branches, Processing over 6 Million Transactions Per Annum.
The US-based company has recently acquired Miles, a wealth management software company, for $19 million. Ebix has also acquired travel website Via.Com, foreign exchange provider Centrum Direct, and international money transfer company Transcorp.
Like this content? Sign up for our daily newsletter to get latest updates.
Comments are closed.
We Dont Spam !