Tag Archives: Ebix

Online travel company Yatra has announced that it has provided notice of termination of its pending merger agreement with Ebix, Inc. and sought substantial damages from the latter over “breaches of representations, warranties and covenants in the merger agreement and an ancillary extension agreement”. Separately, starting April 2020, Yatra had already implemented cost reduction initiatives, resulting in 58% fixed cost savings in May 2020 vs March 2020, and 70% savings as compared to March 2019.

Ebix will be acquiring Yatra Online via merger, as part of a definitive agreement signed between the two travel giants. Following the completion of the transaction, Yatra will become part of Ebix’s EbixCash travel portfolio alongside Via and Mercury and will continue to serve customers under the Yatra brand. The transaction will create India’s largest and most profitable travel services company, and a leading online travel platform poised to capture significant international growth opportunities. Ebix Chairman, President and CEO Robin Raina, commented, “The acquisition of Yatra would lend itself to significant synergies and the emergence of EbixCash as India’s largest and most profitable travel services company, besides being the largest enterprise financial exchange in the country. Over the last few months, we have evolved a detailed synergistic plan, that once fully executed can provide between 40 to 75 cents of accretion to the Ebix non-GAAP EPS. We are excited by the cross-selling opportunities that this combination provides us, while further strengthening our future EbixCash IPO offering.” Dhruv Shringi, Co-founder and CEO of Yatra Online. “We are pleased to announce this agreement with Ebix, which provides our shareholders with the opportunity to participate in the significant upside potential of one of the fastest growing multinational On-Demand software and E-commerce services companies in the world. Over the last several years, we have built Yatra into one of India’s most well- recognized e-commerce brands, growing into the leading corporate travel services provider and one of the largest consumer travel companies. Becoming a part of Ebix’s EbixCash travel portfolio will enable us to continue on that path. As part of a larger diversified organization with the necessary scale and resources to be a leader …

Ebix has announced that one of its subsidiaries in India has acquired an 80 per cent controlling stake in India-based Zillious Solutions. 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. Robin Raina, President and CEO, Ebix Chairman of the Board, said, “Ebix has a successful track history of two decades in terms of providing non-aligned technology solutions, with Ebix bullet proofing its clients from data privacy or data sharing or any alignment concerns. We have been in the business of setting up technology airports to power transactions, without taking any sides for decades now. Thus, this acquisition was a natural one for us as it allowed us to do the same in India’s fast-growing travel industry.” 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.  

Ebix has announced that its EbixCash World Money subsidiary in India has entered into an agreement to acquire 100 per cent assets of India-based Essel Forex for approximately US$8 million. Ebix will be funding the entire transaction in cash, using its internal cash reserves. The acquisition of Essel Forex following the recent announcement of the Weizmann acquisition, further strengthens EbixCash’s position as the largest financial exchange in India, besides being the undisputed leader in the inward remittance, outward remittance and foreign exchange markets in India. With a national network of 44 branches in 31 cities serviced by 400+ employees, Essel Forex has been one of the five largest foreign exchange providers in India with a wide spectrum of related products including sales of all major currencies, travellers’ checks, demand drafts, remittances, money transfers and prepaid cards primarily for the Corporate clients. Besides being a foreign exchange business partner to leading banks such as ICICI, Axis, Indus Ind, Yes and HDFC Bank, Essel Forex has been associated with Western Union and MoneyGram for inward money transfers. Essel Forex will be tightly integrated into the EbixCash Financial Exchange offering in India and abroad. The retained Essel Forex executives will become an integral part of the combined EbixCash remittance and forex leadership team headed by EbixCash World Money Managing Director TC Guruprasad. Ebix believes the Essel Forex business can generate operating margins of 40% or more, once fully integrated. Ebix expects the acquisition to be immediately accretive to its earnings. Robin Raina, Chairman, President and CEO, Ebix said, “Essel Forex has a rich focus on the corporate clientele with strong partnerships with many leading banks. Their geographical, product and client overlap with EbixCash made the …

Mercury Travels, based in Mumbai and Leisure Corp from Delhi has been acquired by one of the Indian subsidiaries of Ebix. Agreements have been signed for a cumulative amount of approximately $14.2 million. The acquisition has been done with an aim to create a new travel division by Ebix, which will focus on a niche segment of the travel market, and the new Travel Exchange will be called Mercury – An EbixCash Luxury initiative, to be headed by Leisure Corp Founder Naveen Kundu. The Mercury Exchange will have three tightly integrated components— Mercury Travel’s entire corporate, leisure & adventure related travel business with the exception of its Forex business; Leisure Corp’s entire sports and events related travel business (MICE) and Via.com’s events based travel business (MICE). Naveen Kundu will hold 15 per cent of shares in the new entity, while Ebix will have a controlling 85 per cent share in the venture. Mercury’s Forex business will be integrated into EbixCash’s existing CDL Forex exchange business. Ebix is an international supplier of on-demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries.

Ebix, Inc, international supplier of on-demand software and e-commerce services to the insurance, financial, e-governance and healthcare industries, has announced that one of its Singapore subsidiaries has entered into an agreement to acquire Bengaluru-based Via.com, an omni-channel online travel and assisted e-commerce exchange. The acquisition of Via expands on Ebix’s distribution network to over 224,000 distribution outlets in the South East of Asia, besides offering significant cross selling opportunities for Ebix’s EbixCash Financial Exchange portfolio of products. Under the terms of the agreement, Via was valued at a total enterprise value of approximately $74.9 million. The closing of the transaction is expected over the next few days. The acquisition is expected to be accretive to Ebix earnings immediately. Via has shown growth at a CAGR of 45 per cent over the last three years with over 110,000 distribution outlets and 8000 corporate clients. Its distribution network encompasses over 85,000 agents in India, 14,700 agents in Indonesia, 9,900 agents in Philippines, 600 agents in Singapore and 350 agents in UAE and Oman. Ebix intends to consolidate this acquisition into its Financial Exchange – EbixCash while bringing significant synergies and redundancies to the combined operation. The acquisition of the Omni-channel Business, would further strengthen Ebix’s position in the Financial Exchange market in India, as 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. Vani Kola, Managing Director, Kalaari Capital said, “Ebix is a logical home for Via, as it complements EbixCash’s financial exchange portfolio perfectly, opening up tremendous cross-selling opportunities on both sides. We are excited about the possibilities this offers for both our customers and …